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NY S04193
Bill
Status
5/16/2011
Primary Sponsor
Joseph Griffo
Click for details
AI Summary
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Amends Banking Law Section 601-a(h) to allow the Superintendent to authorize transfer of banking institutions, including branches or agencies of foreign banking corporations licensed under Article Two of the Banking Law
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Expands the definition of "banking institution" in Section 604-a to include branches or agencies of foreign banking corporations licensed under Article Two for purposes of transferring fiduciary relationships
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Requires branches or agencies of foreign banking corporations seeking to participate in fiduciary relationship transfers to comply with acquisition transaction application and approval requirements under Sections 601-a and 601-b
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Grants the Superintendent authority to promulgate regulations necessary to implement and define provisions regarding foreign banking corporation branches and agencies
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Takes effect immediately upon enactment
Legislative Description
Treats a branch or agency of a foreign banking corporation licensed under article 5 of the banking law as a banking institution for the purposes of provisions governing the purchase of assets and with regard to the transfer of fiduciary relationships.
Last Action
referred to banks
4/17/2012