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Senate Bill S2330

2011-2012 Legislative Session

Provides for low interest loan service to displaced homemakers; appropriation

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2011-S2330 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Appropriations
Laws Affected:
Add ยง825-a, Lab L
Versions Introduced in 2009-2010 Legislative Session:
S4928

2011-S2330 (ACTIVE) - Summary

Provides for low interest loans to displaced homemakers to help such displaced homemakers obtain education and/or training; provides such loans are not to exceed $2,660 per applicant, bear interest at not more than two percent per year and be for a term of not more than forty-eight months following the employment of the applicant; appropriates $270,000 for such loan program.

2011-S2330 (ACTIVE) - Sponsor Memo

2011-S2330 (ACTIVE) - Bill Text download pdf 

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

                                  2330

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 18, 2011
                               ___________

Introduced  by  Sen.  MONTGOMERY  -- read twice and ordered printed, and
  when printed to be committed to the Committee on Finance

AN ACT to amend the labor law, in relation  to  providing  low  interest
  loans to displaced homemakers and making an appropriation therefor

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

  Section 1. The labor law is amended by adding a new section  825-a  to
read as follows:
  S  825-A.  LOW INTEREST LOANS FOR DISPLACED HOMEMAKERS. 1. THE COMMIS-
SIONER SHALL PROVIDE A LOW INTEREST LOAN SERVICE FOR DISPLACED  HOMEMAK-
ERS  WHICH  SHALL BE ADMINISTERED BY THE MULTIPURPOSE SERVICE CENTERS AS
ESTABLISHED PURSUANT TO SECTION EIGHT HUNDRED TWENTY-FIVE OF THIS  ARTI-
CLE.
  2.  SUCH  LOW INTEREST LOANS SHALL BE MADE TO DISPLACED HOMEMAKERS FOR
THE PURPOSE OF OBTAINING EDUCATION OR TRAINING OR BOTH. THE LOANS  SHALL
BE  MADE  AT A RATE OF NO MORE THAN TWO PERCENT PER YEAR IN AN AMOUNT OF
NO MORE THAN TWENTY-SIX HUNDRED SIXTY DOLLARS PER RECIPIENT FOR  A  TERM
OF  NO MORE THAN FORTY-EIGHT MONTHS, PROVIDED, HOWEVER, MONTHLY PAYMENTS
SHALL NOT COMMENCE UNTIL  NINE  MONTHS  AFTER  THE  DATE  THE  RECIPIENT
OBTAINS  FULL-TIME  EMPLOYMENT  OR  FIFTEEN MONTHS AFTER THE DATE OF THE
LOAN, WHICHEVER OCCURS FIRST.
  3. THE LOAN FUND ESTABLISHED PURSUANT  TO  THIS  SECTION  SHALL  BE  A
REVOLVING  LOAN FUND, PROVIDED, HOWEVER, LOANS FROM OTHER SOURCES MAY BE
ADMINISTERED THROUGH SUCH FUND. ALL SUCH LOANS MUST BE SEPARATELY  IDEN-
TIFIED.
  4.  THE  COMMISSIONER  SHALL  ESTABLISH AND PROMULGATE RULES AND REGU-
LATIONS FOR THE PURPOSE OF ESTABLISHING AND CARRYING OUT SUCH LOW INTER-
EST LOAN PROGRAM.
  S 2. The sum of two hundred seventy thousand dollars ($270,000), or so
much thereof as may be necessary, is hereby appropriated to the  commis-
sioner  of  labor out of any moneys in the state treasury in the general

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07205-01-1

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