Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 04, 2012 |
enacting clause stricken |
Apr 26, 2012 |
reported referred to ways and means |
Jan 04, 2012 |
referred to small business |
Feb 03, 2011 |
referred to small business |
Assembly Bill A4377
2011-2012 Legislative Session
Sponsored By
RIVERA P
Archive: Last Bill Status - Stricken
- 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
co-Sponsors
Michael Simanowitz
multi-Sponsors
Jeffrion Aubry
James F. Brennan
Kevin Cahill
Ronald Canestrari
2011-A4377 (ACTIVE) - Details
- Law Section:
- State Finance Law
- Laws Affected:
- Amd §§213 & 219, St Fin L
- Versions Introduced in 2009-2010 Legislative Session:
-
A5449
2011-A4377 (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 loan exceeding $50,000, and such loans may be used for financing or refinancing a small business in distressed communities.
2011-A4377 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4377 2011-2012 Regular Sessions I N A S S E M B L Y February 3, 2011 ___________ Introduced by M. of A. P. RIVERA, TOWNS, SCHROEDER -- Multi-Sponsored by -- M. of A. AUBRY, BRENNAN, CAHILL, CANESTRARI, CLARK, ENGLEBRIGHT, HEASTIE, JOHNS, MAGEE, McENENY, MILLMAN, MORELLE, PHEFFER, 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 public moneys from public entities for investment purposes. For farm EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00019-01-1
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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.