Bill
A 3144
Overview: Bill Number: A 3144, Title: Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial insti
Overview: Bill Number: A 3144, Title: Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund, Status: REFERRED TO BANKS, Introduced: January 09, 2024
Purpose and Intent: The main goal of this bill is to allocate a portion of the penalties collected by the superintendent of financial services to the community development financial institution (CDFI) fund. This is intended to provide additional resources and support for CDFIs, which play a crucial role in promoting economic development and access to financial services in underserved communities.
Key Provisions:
- Requires the superintendent of financial services to deposit 10% of all penalties imposed by the department into the CDFI fund
- Specifies that these funds must be used to support the operations and activities of CDFIs within the state
Affected Parties and Impacts:
- CDFIs operating within the state will benefit from the additional funding, allowing them to expand their services and reach more communities in need
- Consumers and businesses in underserved areas may have increased access to financial products and services through the strengthened CDFI network
Procedural and Timeline Considerations:
The bill has been referred to the Banks committee for further consideration. If passed, the new funding allocation would take effect immediately upon the bill becoming law.
Compiled from official sources — confirm details with the bill’s official record.
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