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Assembly Bill A5953A

2009-2010 Legislative Session

Increases from $1,000,000 to $2,000,000 the aggregate of linked loans that an agricultural project may receive during the linked loan program

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2009-A5953 - Details

See Senate Version of this Bill:
S5514
Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd §217, St Fin L
Versions Introduced in 2011-2012 Legislative Session:
A415

2009-A5953 - Summary

Increases from $1,000,000 to $2,000,000, the aggregate of linked loans that an agricultural project may receive during the linked loan program; provides that the linked deposit for a linked loan shall be for a period of not more than 6 years.

2009-A5953 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5953

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2009
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Economic Development, Job Creation, Commerce and Industry

AN ACT to amend the state finance law, in  relation  to  increasing  the
  aggregate  amount of linked loans an eligible business may receive and
  the term of a linked deposit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 217 of the state finance law, as amended by chapter
291 of the laws of 2004, is amended to read as follows:
  S 217. Linked loans. Linked loans shall be made by lenders pursuant to
the  program  only  to  eligible  businesses in connection with eligible
projects. A linked loan shall be limited to  a  maximum  amount  of  one
million  dollars.  An eligible business may receive more than one linked
loan. During the life of the linked loan program, the  total  amount  of
money  that  a  business can borrow from the linked program is [one] TWO
million dollars. The credit decision for making a linked loan  shall  be
made  solely  by the lender. Notwithstanding the length of the term of a
linked loan, the linked deposit relating to the linked loan shall be for
a period of not more than [four] SIX years.
  S 2.  This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07731-01-9

co-Sponsors

2009-A5953A (ACTIVE) - Details

See Senate Version of this Bill:
S5514
Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd §217, St Fin L
Versions Introduced in 2011-2012 Legislative Session:
A415

2009-A5953A (ACTIVE) - Summary

Increases from $1,000,000 to $2,000,000, the aggregate of linked loans that an agricultural project may receive during the linked loan program; provides that the linked deposit for a linked loan shall be for a period of not more than 6 years.

2009-A5953A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5953--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2009
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Economic  Development,  Job  Creation,  Commerce  and  Industry  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the state finance law, in  relation  to  increasing  the
  aggregate  amount  of linked loans an agricultural project may receive
  and the term of a linked deposit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 217 of the state finance law, as amended by chapter
291 of the laws of 2004, is amended to read as follows:
  S 217. Linked loans. Linked loans shall be made by lenders pursuant to
the  program  only  to  eligible  businesses in connection with eligible
projects. A linked loan shall be limited to  a  maximum  amount  of  one
million  dollars.  An eligible business may receive more than one linked
loan. During the life of the linked loan program, the  total  amount  of
money  that a business can borrow from the linked program is TWO MILLION
DOLLARS FOR LOANS WITH AN AGRICULTURE PURPOSE AND  one  million  dollars
FOR ALL OTHER LOANS.  The credit decision for making a linked loan shall
be  made solely by the lender. Notwithstanding the length of the term of
a linked loan, the linked deposit relating to the linked loan  shall  be
for a period of not more than SIX YEARS FOR THOSE LOANS WITH AN AGRICUL-
TURE PURPOSE AND four years FOR ALL OTHER LOANS.
  S 2.  This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07731-04-9

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