What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Signed chap.341
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.221
- Substituted for A9777A
- Referred to banks
- Delivered to assembly
- Passed senateVote 58–1
- Amended on third reading 2933b
- Advanced to third reading
- 2nd report cal.
Show 13 earlier actions
- 1st report cal.909
- Print number 2933a
- Amend and recommit to banks
- Referred to banks
- Returned to senate
- Died in assembly
- Referred to banks
- Delivered to assembly
- Passed senateVote 60–1
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1129
- 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.
Relates to the preservation of books and records of banking institutions
Assembly Floor Calendar · Sponsor Patricia Fahy
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2933B
Title of bill
An act to amend the banking law, in relation to electronic preservation of banking records
Purpose
This bill would establish a consistent recordkeeping standard and clarify that regulated entities may preserve records through the use of electronic storage media.
Summary of provisions
A new section 36-b would be added to the Banking Law to clarify the ability of regulated entities to preserve their books and records through the use of electronic storage media.
Justification
This bill would help update the Banking Law in order to reflect changes in technology. These amendments will clarify the ability of regulated financial institutions to use more modern and efficient methods of recordkeeping and communication.
The activities and operations of various types of banking institutions and nonbank financial service companies are governed by different articles of the Banking Law. Each of these articles generally requires the regulated entities to preserve books and records for a specified number of years. However, these sections of law have been enacted or amended at different times. They may be inconsistent with each other, and some have not been updated to reflect new recordkeeping technologies. For example, some sections refer to the maintenance of records through photographic reproduction, while others include references to optical disk technology.
This bill would enact a new section 36-b in the Banking Law to clarify that all regulated entities may utilize electronic storage media in preserving their records. The bill specifies certain standards that must be met. This legislation will ensure the ability of financial institutions to use current technology and best practices to preserve records in a cost-effective and practical way.
Fiscal implications
None
Effective date
The ninetieth day after it shall have become law
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.