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Who cares
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Sponsors
1 Co-sponsor
History
- Substituted by A6923A
- Advanced to third reading
- 2nd report cal.
- 1st report cal.630
- Print number 3724a
- Amend (t) and recommit to banks
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extends the effectiveness of certain provisions of sections 12-a and 42 of the banking law
Signed by Governor · Sponsor Darryl Towns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend chapter 322 of the laws of 2007, amending the banking law relating to the power of banks, private bankers, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations to exercise the rights of national banks, federal savings associations, federal credit unions and federal branches and agencies of foreign banks, in relation to extending the effectiveness of certain provisions of such chapter; and to amend chapter 3 of the laws of 1997, amending the banking law and the insurance law relating to authorizing the banking board to permit banks and trust companies to exercise the rights of national banks, in relation to extending the effectiveness of certain provisions of such chapter
Purpose or general idea of bill
This bill would extend the sunset provisions now applicable to Banking Law §12-a, which expanded the authority of New York banks to exercise the powers of their federal counterparts, and Insurance Law §2123 (e) and (f), which contain provisions regulating the sale of insurance products at banking institutions.
Summary of specific provisions
Currently, Banking Law § 12-a and provisions of Insurance Law § 2123 and 2502 sunset on September 10, 2009. This bill would extend these sunset provisions to September 10, 2011.
Effects of present law which this bill would alter
Banking Law § 12-a was added to the Banking Law effective September 1, 2007, among other things, expand the authority of state banks to exercise the powers of their federal counterparts. Section 12-a is scheduled to expire on September 10, 2009.
Insurance Law § 2123 and 2502 were also added in 1997, to regulate insurance activities of banks granted under the wildcard authority. They were amended in the laws of 2008 to expand the type of banking organizations to which they apply.
Justification
A critical recent piece in efforts to enhance the New York banking charter was the enactment in 2007 of Banking Law § 12-a, which expanded the authority of New York banks, thrifts and credits unions, as well as the New York branches of foreign banks, to exercise the powers of their federal Counterparts as authorized in a resolution adopted by the Banking Board. The purpose of this legislation is to ensure that state-chartered financial institutions are not placed at a competitive disadvantage compared to their federal counterparts, by creating a mechanism to allow state-chartered institutions to exercise the powers of their counterparts with appropriate oversight and controls.
Prior legislative history
This bill is new.
Effective date
This bill would become effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.