senate Bill S354

2011-2012 Legislative Session

Authorizes job development authority to create bank export incentive program

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to commerce, economic development and small business
Jan 05, 2011 referred to commerce, economic development and small business

S354 - Details

Law Section:
Economic Development Law
Laws Affected:
Amd §100, Ec Dev L; amd §1801, add §1835-bb, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S363

S354 - Summary

Authorizes the job development authority to create and administer the bank export incentive program for the investment and lending of monies which may be borrowed by certain eligible New York firms for business projects; directs the commissioner of the department of economic development to assist in the promotion of such program; defines terms.

S354 - Sponsor Memo

S354 - Bill Text download pdf

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

                                   354

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment and Small Business

AN  ACT to amend the economic development law and the public authorities
  law, in relation to  authorizing  the  job  development  authority  to
  create and administer the bank export incentive program with the tech-
  nical assistance of the department of economic development

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

  Section 1.  Legislative  intent.  The  legislature  hereby  finds  and
declares  that the economy of the state of New York can be bolstered and
enhanced through the sale of additional products and services  from  New
York  state  to  customers in foreign countries. The legislature further
finds that one of the impediments to an increase in  export  sales  from
New  York state is the unavailability of loans at a competitive interest
rate for relatively small amounts of money  borrowed  for  time  periods
between  one  and  five years from the commercial banks of our state and
nation. It is further found that one of  the  major  reasons  that  such
monies  are  unavailable  is  the  high cost of processing such loans by
banking organizations because of the complexities of international tran-
sactions. The legislature, therefore, finds and declares that it  is  in
the  interest of a stronger and more viable economy for the state of New
York to encourage the banking industry of our state to  provide  medium-
term  financing  for  low  dollar volume export transactions through the
creation of a bank export incentive program.
  S 2.  Subdivision 47 of section 100 of the economic  development  law,
as renumbered by chapter 427 of the laws of 2008, is renumbered subdivi-
sion 48 and a new subdivision 47 is added to read as follows:
  47.  MAKE  POTENTIAL  ELIGIBLE APPLICANTS AWARE OF, THROUGH THE USE OF
SEMINARS, WORKSHOPS,  ADVERTISING  OR  OTHER  APPROPRIATE  METHODS,  THE

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

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