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NY A08156
Bill
Status
Passed
8/17/2011
Primary Sponsor
Rory Lancman
Click for details
AI Summary
- Requires state chartered banking institutions to apply to the superintendent before exercising any federally permitted power, either individually or with other state chartered banking institutions
- Superintendent has 120 days from application receipt to determine compliance with requirements, with possible extension by written consent of applicant
- Superintendent must notify applicants within 10 days if application fails to meet requirements, and must post compliant applications on the department bulletin board
- Superintendent has 45 days after posting to approve or deny applications (extendable up to 60 additional days), with approval notification required within 10 days
- If superintendent fails to act within 30 days of receiving a petition to act, the application is deemed denied and subject to judicial review
Legislative Description
Relates to the exercise of federally permitted powers by a state chartered banking institution; requires a banking institution to make an application with one or more state chartered banking institutions to the superintendent indicating intent to exercise the federally permitted power and the basis for doing so.
Last Action
signed chap.448
8/17/2011
Committee Referrals
Rules6/15/2011
Rules6/7/2011
Banks6/3/2011
Full Bill Text
No bill text available