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NY S02327
Bill
Status
1/16/2025
Primary Sponsor
Leroy Comrie
Click for details
AI Summary
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Requires 10% of all fines and penalties collected by the Superintendent of Financial Services under the banking law to be deposited into the community development financial institution (CDFI) fund
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Requires 10% of all penalties collected under the insurance law to also be deposited into the CDFI fund
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The CDFI fund is established under the New York State Urban Development Corporation Act
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Takes effect on September 1st following enactment
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Introduced by Senators Comrie and May and referred to the Committee on Banks
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
REPORTED AND COMMITTED TO FINANCE
2/26/2026