NY A01509

Dedicates 10 percent of all penalties imposed and collected under Banking Law Section 44 to the community development financial institution fund established under the New York state urban development corporation act.

Dedicates 10 percent of all penalties imposed and collected under Insurance Law Section 109 to the community development financial institution fund established under the New York state urban development corporation act.

Applies to penalties imposed by the superintendent of financial services regardless of other provisions of law.

Takes effect September 1 following the date the bill becomes law.