Bill
Bill > S07532
NY S07532
NY S07532Provides for the removal and prohibition of directors, trustees, officers, members or partners of certain entities.
summary
Introduced
06/03/2023
06/03/2023
In Committee
05/16/2024
05/16/2024
Crossed Over
06/03/2024
06/03/2024
Passed
12/12/2024
12/12/2024
Dead
Signed/Enacted/Adopted
12/21/2024
12/21/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the banking law, in relation to removal and prohibition of directors, trustees, officers, members or partners of certain entities; and to repeal certain provisions of such law related thereto
AI Summary
This bill amends the New York Banking Law to provide the Superintendent of Financial Services with the authority to remove and prohibit directors, trustees, officers, members, or partners of certain financial entities, such as banks, credit unions, mortgage lenders, and other regulated institutions. The Superintendent can take enforcement action if these individuals have directly or indirectly caused, facilitated, or participated in a violation of law or regulation, engaged in unsafe or unsound practices, or contributed to the failure of the entity. The bill outlines the process for the Superintendent to serve notice, hold a hearing, and issue orders of removal and prohibition, as well as the ability to suspend individuals pending a determination of the charges.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
SIGNED CHAP.660 (on 12/21/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S7532 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07532&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07532 |
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