New York A 6266: Establishes requirements for the creation and operation of limited purpose trust companies

Bill Text

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A06266 Summary:

BILL NOA06266 

&nbsp

SAME ASSAME AS S03262

&nbsp

SPONSORBores

&nbsp

COSPNSRCunningham, Dais, Epstein, Tapia, Jackson, Solages, Sayegh, Torres

&nbsp

MLTSPNSR

&nbsp

Add Art 3-C §§156 - 159, amd §§9-c, 606 & 617, Bank L; amd §301, Fin Serv L

&nbsp

Establishes requirements for the creation and operation of limited purpose trust companies; establishes how to apply to operate as a limited purpose trust company.

Go to top A06266 Actions:

BILL NOA06266 

&nbsp

02/28/2025referred to banks

01/07/2026referred to banks

Go to topA06266 Committee&nbspVotes:

Go to topA06266 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06266 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6266

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 28, 2025
 ___________

 Introduced by M. of A. BORES -- read once and referred to the Committee
 on Banks

 AN ACT to amend the banking law and the financial services law, in
 relation to limited purpose trust companies

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The banking law is amended by adding a new article 3-C to
 2 read as follows:
 3 ARTICLE 3-C
 4 LIMITED PURPOSE TRUST COMPANIES
 5 Section 156. Limited purpose trust company creation.
 6 157. Application to commence operation as a limited purpose
 7 trust company.
 8 158. Limited purpose trust company operation.
 9 159. Special provisions relating to digital assets.
 10 § 156. Limited purpose trust company creation. 1. If the superinten-
 11 dent shall find that a trust company has met the conditions of this
 12 article, and has in good faith complied with all other requirements of
 13 law and fulfilled all conditions precedent to commencing business as a
 14 limited purpose trust company pursuant to this article, the superinten-
 15 dent shall promptly issue and execute under the official seal of the
 16 department, in triplicate, an authorization certificate to the person or
 17 persons named in such organization certificate.
 18 2. Such authorization certificate shall be conclusive evidence that
 19 all conditions precedent have been fulfilled and that a limited purpose
 20 trust company has been formed under this article, except in an action or
 21 special proceeding brought by the superintendent or the attorney gener-
 22 al. The superintendent shall cause one of the triplicate authorization
 23 certificates to be transmitted to such limited purpose trust company,
 24 one to be filed in the office of the department, and one to be filed in
 25 the county clerk's office of the county in which such organization

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00042-01-5

 A. 6266 2

 1 certificate has been filed. The copies of the authorization certificate
 2 filed in the offices of the superintendent and the county clerk shall be
 3 attached to the previously filed copies of the organization certificate
 4 and such certificates shall be recorded in the records of incorporation
 5 therein.
 6 3. Any limited purpose trust company which does not commence business
 7 as such within six months after the date on which its authorization
 8 certificate is issued by the superintendent pursuant to subdivision one
 9 of this section shall forfeit such trust company's rights and privileges
 10 as a limited purpose trust company and corporate powers shall cease and
 11 desist, unless the time within which such business may be commenced has
 12 been extended by the superintendent. The superintendent may grant one or
 13 more such extensions upon satisfactory cause being shown. Such extension
 14 shall be granted by order executed, transmitted, and filed in the manner
 15 provided for an authorization certificate pursuant to subdivision one of
 16 this section.
 17 § 157. Application to commence operation as a limited purpose trust
 18 company. 1. The superintendent shall establish by regulation the form of
 19 an application for any corporate entity to operate as a limited purpose
 20 trust company, provided that such entity meets all other requirements of
 21 this article.
 22 2. The superintendent shall conduct an in