|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to corporations, authorities and commissions|
|Jan 13, 2011||referred to corporations, authorities and commissions|
senate Bill S1868
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1868 - Details
S1868 - Sponsor Memo
BILL NUMBER:S1868 TITLE OF BILL: An act to amend the New York state urban development corporation act, in relation to the small business regional revolving loan trust fund and the small business regional revolving loan program PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to improve small business job opportunities with in the state. SUMMARY OF SPECIFIC PROVISIONS: Section One provides statement for legislative intent and renames the Regional Revolving Loan program to the "Small Business Regional Revolving Loan Program." Provides process for audit and proposal requests. Repeals and re-letters sections of the UDC. Amends subsection (12) of 516-a of the UDC. Provides purposes for refinancing existing loans of debts.
S1868 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1868 2011-2012 Regular Sessions I N S E N A T E January 13, 2011 ___________ Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the New York state urban development corporation act, in relation to the small business regional revolving loan trust fund and the small business regional revolving loan program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Statement of legislative intent. The legislature hereby finds and declares that small businesses are the economic backbone of the state and the source of a majority of new jobs. The legislature further finds that such businesses often have difficulty obtaining small amounts of capital from traditional banking organizations that is neces- sary to start-up, improve, or expand operations. State assistance in the form of loans to meet such capital gaps would enable the formation and expansion of small businesses across the state and, thus, provide job opportunities to the state's citizens. The legislature further finds that the existing regional revolving loan program of the state urban development corporation demonstrated that it is more efficient and effective to provide such loans through regional not-for-profit corpo- rations that are knowledgeable about local businesses and economic conditions. Therefore, it is the intent of the legislature to improve job opportunities in the state by revitalizing the urban development corporation's regional revolving loan program and re-naming it the small business regional revolving loan program. S 2. The New York state urban development corporation created by chap- ter 174 of the laws of 1968 is hereby directed to audit, pursuant to subdivision 19 of section 16-a of section 1 of the urban development corporation act, each existing regional corporation administering a small business regional revolving loan fund and to either recertify such regional corporation or decertify such regional corporation and competi- tively select a successor corporation to administer the small business regional revolving loan fund. In the case of regions that do not have a regional corporation administering a small business regional revolving
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