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A07272 Summary:

BILL NOA07272
 
SAME ASSAME AS S06970
 
SPONSORAnderson
 
COSPNSRMeeks
 
MLTSPNSR
 
Amd 96-d, Bank L
 
Permits the submission of applications for banking development district designations regardless of the date the applicant opened, banks and trust companies need not have opened after December 31, 1996.
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A07272 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7272
 
SPONSOR: Anderson
  TITLE OF BILL: An act to amend the banking law, in relation to permitting the submission of applications for banking development district designations regardless of the date the applicant opened   SUMMARY OF SPECIFIC PROVISIONS: Section one. Subdivision 2-a of section 96-d of the banking law is amended to allow applications for banking development district desig- nation, provided the bank branch was opened after December 31st, 1996. Section two provides the effective date.   JUSTIFICATION: As the state experiences increasing branch closures, decreasing branch openings, and areas that are financially underserved continue to experi- ence challenges in attracting or retaining local banking services, the current statute limits the extent to which the BDD Program can present a viable opportunity for a financially underserved community to retain long-standing local financial services. This program will allow banks established prior to 1996 to participate in the BDD Program.   PRIOR LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATION: None to the State.   EFFECTIVE DATE: This act shall take effect immediately.
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A07272 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7272
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 16, 2023
                                       ___________
 
        Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
          tee on Banks
 
        AN  ACT  to  amend  the  banking  law,  in  relation  to  permitting the
          submission of applications for  banking  development  district  desig-
          nations regardless of the date the applicant opened

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 2-a of section 96-d  of  the  banking  law,  as
     2  added by chapter 328 of the laws of 1999, is amended to read as follows:
     3    2-a. Notwithstanding any other provision of law, an application may be
     4  submitted by a local government in conjunction with a bank, trust compa-
     5  ny  or  national bank which has already opened a bank branch within such
     6  area[, provided such branch  was  opened  after  December  thirty-first,
     7  nineteen  hundred  ninety-six].  In  considering the criteria authorized
     8  pursuant to subdivision one of this section,  the  superintendent  shall
     9  also  take  into  account  the importance and benefits of preserving the
    10  banking services offered by the existing branch.
    11    § 2. This act shall take effect immediately.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11296-01-3
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