Assembly Bill A8416

2009-2010 Legislative Session

Directs department of economic development to make available to the public a list of banks committed to community reinvestment and emerging domestic markets

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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

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2009-A8416 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd ยง100, Ec Dev L
Versions Introduced in 2011-2012 Legislative Session:
A4820

2009-A8416 (ACTIVE) - Summary

Directs the department of economic development to identify those banks which have made a significant commitment to the community reinvestment program and emerging domestic markets; such department shall conduct an outreach program to provide such information to regional and local economic developers and financial institutions.

2009-A8416 (ACTIVE) - Bill Text download pdf 

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

                                  8416

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2009
                               ___________

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

AN ACT to amend the economic development law, in relation  to  directing
  the  department  of  economic  development  to  provide information to
  developers and financial institutions on banks which have made commit-
  ments to community reinvestment and emerging domestic markets

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

  Section  1.  Section 100 of the economic development law is amended by
adding a new subdivision 44-a to read as follows:
  44-A. TO IDENTIFY, IN CONSULTATION WITH THE DIVISION  OF  HOUSING  AND
COMMUNITY  RENEWAL  AND THE BANKING DEPARTMENT, THOSE STATE OR FEDERALLY
CHARTERED BANKING ORGANIZATIONS WHICH HAVE MADE SIGNIFICANT  COMMITMENTS
TO COMMUNITY REINVESTMENT AND EMERGING DOMESTIC MARKETS.  THE DEPARTMENT
SHALL  MAKE SUCH INFORMATION AVAILABLE TO THE PUBLIC IN WRITTEN FORM AND
ON ITS DEPARTMENT INTERNET WEBSITE. FURTHERMORE,  THE  DEPARTMENT  SHALL
CONDUCT  AN  OUTREACH PROGRAM TO PROACTIVELY PROVIDE SUCH INFORMATION TO
REGIONAL AND LOCAL ECONOMIC DEVELOPERS AND FINANCIAL INSTITUTIONS.   FOR
THE  PURPOSES  OF  THIS  SUBDIVISION,  "EMERGING  DOMESTIC MARKET" MEANS
PEOPLE, PLACES  OR  BUSINESS  ENTERPRISES  WITH  GROWTH  POTENTIAL  THAT
ENCOUNTER  CAPITAL  CONSTRAINTS DUE TO SYSTEMIC UNDERVALUATION RESULTING
FROM IMPERFECT MARKET INFORMATION. THESE  MARKETS  INCLUDE  ETHNIC-  AND
WOMEN-OWNED  FIRMS,  URBAN  AND  RURAL COMMUNITIES, COMPANIES THAT SERVE
LOW-TO-MODERATE-INCOME POPULATIONS AND  OTHER  SMALL-  AND  MEDIUM-SIZED
BUSINESSES.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10537-02-9

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