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Assembly Bill A415

2011-2012 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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2011-A415 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
State Finance Law
Laws Affected:
Amd ยง217, St Fin L
Versions Introduced in 2009-2010 Legislative Session:
A5953

2011-A415 (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.

2011-A415 (ACTIVE) - Bill Text download pdf 

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

                                   415

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced by M. of A. MAGEE, P. RIVERA -- 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 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.
                                                           LBD03557-01-1

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