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History
- Substituted by A8157
- Advanced to third reading
- 2nd report cal.
- 1st report cal.783
- 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.
Amends the definition of "bank holding company" to replace the phrase "a banking institution" to "two or more banking institutions"
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5004
Title of bill
An act to amend the banking law, in relation to the definition of bank holding company
Purpose
This bill makes technical changes to Chapter 217 of the Laws of 2010 with respect to the definition of bank holding company.
Summary of provisions
Section 1 of the bill would amend Banking Law section 142-a subdivision 2 to define a bank holding company as two or more banking institutions. This would restore the prior definition of bank holding company as two or more banking institutions. The reason for retaining the definition of bank holding company in this section is so that the potential home office protection for the principal office of subsidiaries of one-bank holding companies will remain.
Section 2 of the bill would amend Banking Law section 105 concerning branching to define a bank holding company as two or more banking institutions. This would restore the prior definition of bank holding company as two or more banking institutions. This change back would retain the status quo with respect to home office protection for principal offices of certain banking institutions that are subsidiaries of one-bank holding companies which are subject to home office protection.
Section 3 of the bill would amend Banking Law section 240 concerning branching to define a bank holding company as two or more banking institutions.
Section 4 of the bill would amend Banking Law section 396 concerning branching to define a bank holding company as two or more banking institutions.
Section 5 provides for an immediate effective date.
Justification/statement in support
Chapter 217 of the Laws of 2010 made changes to the Banking Law to streamline regulation of bank holding companies. Due to an oversight, the definition of bank holding company was changed in Banking Law sections 142-a, 105, 240 and 396 which relate to branching. This bill would amend the term bank holding company to retain the former definition of two bank holding company in the aforementioned sections. This change is necessary because those provisions extend New York's home office protection to the principal office of a state bank or trust company or national bank in a city or village of limited population, unless the principal office is that of a bank which is a subsidiary of a bank holding company which was previously defined under New York law as a two bank holding company. This maintains the status quo to insure home office protection for banks which were receiving the same.
Legislative history
This is a new bill intended to make technical corrections to Chapter 217 of the Laws of 2010.
Fiscal implications
None to the State.
Effective date
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.