New York A03144 mandates that 10% of penalties imposed by the superintendent of financial services be deposited into the community development.

New York A03144 amends the banking and insurance laws to require that 10% of all penalties imposed and collected by the superintendent of financial services be dedicated and deposited into the community development financial institution fund. This fund is established under the New York state urban development corporation act. The changes will take effect on September 1 following the bill's enactment.

New York A03144 mandates that 10% of penalties imposed by the superintendent of financial services be deposited into the community development.

New York A03144 amends the banking and insurance laws to require that 10% of all penalties imposed and collected by the superintendent of financial services be dedicated and deposited into the community development financial institution fund. This fund is established under the New York state urban development corporation act. The changes will take effect on September 1 following the bill's enactment.