NY State Senate Bill S5514

Archive: Last Bill Status - Passed Senate

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

Your Voice

Please enter your contact information

First Name *

Last Name *

Email Address *

A valid email address is required.

Home address search or enter your address manually *

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Leave this field blank

Actions

view actions (8)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 30, 2010	referred to ways and means delivered to assembly passed senate
Jun 29, 2010	ordered to third reading cal.1328
Jun 15, 2010	reported and committed to rules
May 03, 2010	notice of committee consideration - requested
Jan 06, 2010	referred to finance
May 13, 2009	referred to finance

Votes

Co-Sponsors

S5514 (ACTIVE) - Details

See Assembly Version of this Bill:: A5953
Law Section:: State Finance Law
Laws Affected:: Amd §217, St Fin L
Versions Introduced in 2011-2012 Legislative Session:: A415

S5514 (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.

S5514 (ACTIVE) - Sponsor Memo

 BILL NUMBER:  S5514

 TITLE OF BILL :
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


 PURPOSE :
To expand the terms of the current Linked Deposit program to reflect
the changing needs of the agricultural industry and lending community.

 SUMMARY OF PROVISIONS :
Section 217 of State Finance Law is amended to increase the aggregate
farm project limits from $1 million to $2 million. This section is
also amended to extend the terms of the Linked Deposit program for
farm projects from four to six years.

 EXISTING LAW :
Section 217 of State Finance currently dictates that the total of
linked deposit loans for a farm is capped at $1 million. The current
term of a Linked Deposit project is four years.

 JUSTIFICATION :
Since its inception, the Linked Deposit Program has been very helpful
in funding farm expansion projects in New York State. For example, at

the end of 2006, Farm Credit associations (the predominant
agricultural lender in New York State) had 28 projects worth
approximately $8 million in the program. With continued modification
of the program, agricultural lenders can help to further invest in
farming in the state.

The Linked Deposit program currently limits the amount of anyone
project to $1,000,000 and has the lifetime limit for anyone business
of $1 million. As farming is a capital intensive industry, the $1
million cap is a significant limiting factor for using this program
and spurring agricultural economic development in Upstate New York and
Long Island. This legislation would increase the aggregate cap to $2
million to facilitate on-farm lending and investment.

In addition, the current length of a Linked Deposit with a particular
lender is currently four years in duration. Expansion of this term to
six years for farm projects would extend the Linked Deposit interest
rate benefit for an additional two years to further incentivize farm
investment.

 LEGISLATIVE HISTORY :
A.10976A of 2008.

 FISCAL IMPLICATIONS :
None.

 EFFECTIVE DATE :
Effective immediately.

S5514 (ACTIVE) - Bill Text download pdf

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

                                  5514

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              May 13, 2009
                               ___________

Introduced  by  Sens.  STACHOWSKI,  AUBERTINE, VALESKY -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Finance

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.
                                                           LBD07731-05-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

The New York State Senate

senate Bill S5514

Sponsored By

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jun 30, 2010 - floor Vote

Floor Vote: Jun 30, 2010

Jun 29, 2010 - Rules committee Vote

Rules Committee Vote: Jun 29, 2010

Jun 15, 2010 - Finance committee Vote

Finance Committee Vote: Jun 15, 2010

Co-Sponsors

S5514 (ACTIVE) - Details

S5514 (ACTIVE) - Summary

S5514 (ACTIVE) - Sponsor Memo

S5514 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S5514

Share this bill

Sponsored By

William T. Stachowski

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jun 30, 2010 - floor Vote

Floor Vote: Jun 30, 2010

Jun 29, 2010 - Rules committee Vote

Rules Committee Vote: Jun 29, 2010

Jun 15, 2010 - Finance committee Vote

Finance Committee Vote: Jun 15, 2010

Co-Sponsors

Darrel J. Aubertine

David J. Valesky

S5514 (ACTIVE) - Details

S5514 (ACTIVE) - Summary

S5514 (ACTIVE) - Sponsor Memo

S5514 (ACTIVE) - Bill Text download pdf

Comments