Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 08, 2010 |
reported referred to ways and means |
Jan 06, 2010 |
referred to small business |
Jun 02, 2009 |
reported referred to ways and means |
Feb 13, 2009 |
referred to small business |
Assembly Bill A5449
2009-2010 Legislative Session
Sponsored By
RIVERA P
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A5449 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- State Finance Law
- Laws Affected:
- Amd §§213 & 219, St Fin L
- Versions Introduced in 2011-2012 Legislative Session:
-
A4377
2009-A5449 (ACTIVE) - Summary
Authorizes the comptroller and the commissioner of taxation and finance to make linked deposits with lenders to a series of eligible businesses, so long as no individual loan exceeds $50,000; authorizes excelsior linked deposit loans to be made to a series of eligible businesses, with no individual load exceeding $50,000, and such loans may be used for financing or refinancing a small business in distressed communities.
2009-A5449 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5449 2009-2010 Regular Sessions I N A S S E M B L Y February 13, 2009 ___________ Introduced by M. of A. P. RIVERA, TOWNS, ALFANO, SCHROEDER -- Multi- Sponsored by -- M. of A. AUBRY, BARRA, BRENNAN, CAHILL, CANESTRARI, CHRISTENSEN, CLARK, ENGLEBRIGHT, HEASTIE, JOHN, KOON, MAGEE, McENENY, MILLMAN, MORELLE, PHEFFER, PRETLOW, J. RIVERA -- read once and referred to the Committee on Small Business AN ACT to amend the state finance law, in relation to authorizing excelsior linked deposits and loans to be made to a series of eligible businesses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 15 and 17 of section 213 of the state finance law, as amended by chapter 291 of the laws of 2004, are amended to read as follows: 15. "Linked deposit" means a deposit, or for farm credit system insti- tutions and the New York business development corporation an investment eligible to be held by such institution or corporation placed with a lender by the comptroller or the commissioner of taxation and finance for a period of four years at the linked deposit interest rate, provided the lender agrees to: (a) lend the equivalent value of such deposit EITHER to (I) an eligi- ble business at the interest rate provided in section two hundred eigh- teen of this article, OR (II) A SERIES OF ELIGIBLE BUSINESSES IN INDI- VIDUAL LOAN PRINCIPAL AMOUNTS NOT TO EXCEED FIFTY THOUSAND DOLLARS, ALL OF WHICH BEAR INTEREST AT THE RATE PROVIDED IN SECTION TWO HUNDRED EIGH- TEEN OF THIS ARTICLE; and (b) permit the deposit to be comprised of a series of ninety day deposits each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original deposit is placed. This article and the related statutes that refer to this article do not grant thrifts, farm credit system institutions or the New York busi- ness development corporation eligibility to accept public funds or EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06639-01-9
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