BILL NUMBER: S10579
SPONSOR: SANDERS
 
TITLE OF BILL:
An act to amend chapter 62 of the laws of 2011, relating to constituting
chapter 18-A of the consolidated laws relating to financial services, in
relation to extending the effectiveness thereof
 
PURPOSE:
To extend the expiration of the State Charter Advisory Board for 5 addi-
tional years through October 3, 2031 and to add reporting requirements.
 
SUMMARY OF PROVISIONS:
Section One: Amends subdivision (e) of section 114 of part A of chapter
62 of the laws of 2011, as amended by chapter 302 of the laws of 2021,
is amended to extend the expiration date of section 205-b of the finan-
cial services law from October 3, 2026 to October 3, 2031.
Section Two: Effective Date.
 
EXISTING LAW:
Authorization for the State Charter Advisory Board is set to expire on
October 3, 2026.
 
JUSTIFICATION:
The State Charter Advisory Board works with the Superintendent in
retaining state-chartered banking institutions, encouraging federally
chartered institutions to convert to a state charter and promote the
state banking system. There are nine members of the advisory board,
consisting of one representative of credit unions, one representative of
consumers, one representative of foreign banks; and representatives of
banks reflecting a range of assets, size and geographical location.
The superintendent governs the method by which state chartered insti-
tutions may nominate persons-to the board and the process for selecting
such members, provided that the representative of consumers is selected
by the Superintendent.
The requirement of an annual report allows the legislature to monitor
topics of concern to the industry and consumers and any discussion of
legislation that could be requested or appropriate.
 
LEGISLATIVE HISTORY:
New Legislation.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.