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NY S05624
Bill
Status
6/8/2016
Primary Sponsor
Diane Savino
Click for details
AI Summary
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Authorizes community banks to invest in service corporations organized under New York law, with aggregate investments limited to 5% of a bank's assets
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Permits service corporations to provide support services to financial institutions including accounting, auditing, data processing, investment advisory, personnel training, and marketing services
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Allows service corporations to engage in loan origination, insurance brokerage, real estate services, securities brokerage, student loan origination, trust services, and credit card operations
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Defines "community bank" as banks, trust companies, national banking associations, savings banks, or savings institutions with average asset value not exceeding $8 billion
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Takes effect 60 days after becoming law
Legislative Description
Enacts the community bank service corporation act; relates to the authorized activities and investment of community bank service corporations.
Last Action
referred to banks
6/8/2016