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Assembly Bill A8037

2011-2012 Legislative Session

Allows businesses to use funds received from minority and women-owned business development and lending program for the purpose of refinancing existing debt

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Archive: Last Bill Status - In Assembly Committee

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2011-A8037 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2013-2014: A4350
2015-2016: A4212, A7719
2017-2018: A491
2019-2020: A1819
2021-2022: A6420

2011-A8037 (ACTIVE) - Summary

Allows businesses to use funds received from minority and women-owned business development and lending program for the purpose of refinancing existing debt.

2011-A8037 (ACTIVE) - Bill Text download pdf 

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

                                  8037

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 27, 2011
                               ___________

Introduced  by  M.  of  A.  SCARBOROUGH -- read once and referred to the
  Committee on Economic Development

AN ACT to amend the urban development corporation act,  in  relation  to
  allowing  businesses  to  use  funds  received  from  the minority and
  women-owned business development and lending program for  the  purpose
  of refinancing existing debt

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

  Section 1. Subparagraphs (vi) and (vii) of paragraph (c)  of  subdivi-
sion  1 of section 16-c of section 1 of chapter 174 of the laws of 1968,
constituting the urban development corporation act, as added by  chapter
169 of the laws of 1994, are amended to read as follows:
  (vi) overnight lodging facilities[;
  (vii)  refinancing  of  debt  or  equity  invested in an enterprise or
project].
  S 2. Subparagraphs (vi) and (vii) of paragraph (d) of subdivision 1 of
section 16-c of section 1 of chapter 174 of the laws of 1968, constitut-
ing the urban development corporation act, as added by  chapter  169  of
the  laws of 1994, are amended and a new subparagraph (viii) is added to
read as follows:
  (vi) promote equity investment  in  minority-  and  women-owned  busi-
nesses; [and]
  (vii)  establish a comprehensive technical assistance program in coop-
eration with the department of economic development to assist  minority-
and  women-owned  businesses and potential minority and women-entrepren-
eurs[.]; AND
  (VIII) PROVIDE FOR THE REFINANCING OF DEBT OR EQUITY  INVESTED  IN  AN
ENTERPRISE OR PROJECT.
  S  3.  This  act shall take effect on the ninetieth day after it shall
have become a law; provided, however, that  effective  immediately,  the
addition,  amendment  and/or  repeal of any rule or regulation necessary
for the implementation of this act on its effective date are  authorized
and directed to be made and completed on or before such effective date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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