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NY A10638
Bill
Status
7/6/2022
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Dedicates 10 percent of all penalties imposed and collected by the superintendent of financial services under banking law section 44 to the community development financial institution fund.
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Dedicates 10 percent of all penalties imposed and collected under insurance law section 109 to the community development financial institution fund.
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Establishes that these dedications occur notwithstanding any other provision of law.
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Directs deposits to the community development financial institution fund established pursuant to subdivision three of section sixteen-o of the New York state urban development corporation act.
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Takes effect September 1, 2022.
Legislative Description
Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.
Last Action
referred to banks
7/6/2022