New York A 3144: Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund

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A03144 Summary:

BILL NOA03144 

&nbsp

SAME ASSAME AS S02327

&nbsp

SPONSORRosenthal

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §44, Bank L; amd §109, Ins L

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Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

Go to top A03144 Actions:

BILL NOA03144 

&nbsp

01/23/2025referred to banks

01/07/2026referred to banks

Go to topA03144 Committee&nbspVotes:

Go to topA03144 Floor&nbspVotes:

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

Go to topA03144 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3144

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 23, 2025
 ___________

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

 AN ACT to amend the banking law and the insurance law, in relation to
 dedicating ten percent of the fines and penalties imposed by the
 superintendent of financial services for deposit into the community
 development financial institution fund

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

 1 Section 1. Section 44 of the banking law is amended by adding a new
 2 subdivision 10 to read as follows:
 3 10. Notwithstanding any provision of law to the contrary, ten percent
 4 of all penalties imposed and collected pursuant to this section shall be
 5 dedicated to and deposited into the community development financial
 6 institution fund established pursuant to subdivision three of section
 7 sixteen-o of the New York state urban development corporation act.
 8 § 2. Section 109 of the insurance law is amended by adding a new
 9 subsection (e) to read as follows:
 10 (e) Notwithstanding any provision of law to the contrary, ten percent
 11 of all penalties imposed and collected pursuant to this section shall be
 12 dedicated to and deposited into the community development financial
 13 institution fund established pursuant to subdivision three of section
 14 sixteen-o of the New York state urban development corporation act.
 15 § 3. This act shall take effect on the first of September next
 16 succeeding the date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05029-01-5

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