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NY A08157
Bill
Status
8/17/2011
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Modifies the definition of "bank holding company" in Banking Law Section 142-a to require ownership or control of two or more banking institutions instead of one banking institution.
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Adds national banking associations with principal offices located in New York State to the definition of "banking institution" for purposes of bank holding company regulations.
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Applies the updated bank holding company definition to branch office opening restrictions in Banking Law Sections 105, 240, and 396, which regulate where banks can establish branches in cities or villages with smaller populations.
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Takes effect immediately upon enactment.
Legislative Description
Amends the definition of "bank holding company" to replace the phrase "a banking institution" to "two or more banking institutions".
Last Action
signed chap.449
8/17/2011