S 2327: Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

  
  STATE OF NEW YORK ________________________________________________________________________ 2327 2025-2026 Regular Sessions  IN SENATE January 16, 2025 ___________ Introduced by Sens. COMRIE, MAY -- read twice and ordered printed, and when printed to be committed 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