senate Bill S5782

Signed By Governor
2011-2012 Legislative Session

Relates to the capital access program; provides for a new technology seed fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

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

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view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 28, 2011 signed chap.103
Jun 21, 2011 delivered to governor
Jun 20, 2011 returned to senate
passed assembly
ordered to third reading rules cal.511
substituted for a8452
referred to ways and means
delivered to assembly
passed senate
Jun 17, 2011 ordered to third reading cal.1363
committee discharged and committed to rules
Jun 16, 2011 referred to finance

S5782 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-k, add §16-u, UDC Act

S5782 (ACTIVE) - Summary

Relates to the capital access program; provides for a new Innovate NY fund.

S5782 (ACTIVE) - Sponsor Memo

S5782 (ACTIVE) - Bill Text download pdf

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


                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 16, 2011

Introduced  by Sen. ALESI -- (at request of the Empire State Development
  Corporation) -- read twice and ordered printed, and when printed to be
  committed to the Committee on Finance

AN ACT to amend the New York state urban development corporation act, in
  relation to the capital access program and to provide for a new  Inno-
  vate NY fund; and making appropriations for the support of government


  Section 1.  Section 16-k of section 1 of chapter 174 of  the  laws  of
1968, constituting the New York state urban development corporation act,
as  added  by section 1 of part J of chapter 413 of the laws of 1999, is
amended to read as follows:
  S 16-k. Capital access program. 1. Definitions.  For the  purposes  of
this section:
  (a)  "Financial  institution",  means any bank, trust company, savings
bank, savings and loan association or cooperative bank chartered by  the
state  or  any  national  banking  association, federal savings and loan
association or federal savings bank OR ANY COMMUNITY DEVELOPMENT  FINAN-
however, that the financial institution has its principal office located
in the state.
  (b) "Participating financial institution"  shall  mean  any  financial
institution participating in the program established by this section.
  (c)  "Small  business"  shall  have  the  same meaning as set forth in
section 131 of the economic development  law,  whose  primary  place  of
business is in New York state.
  2. (a) The corporation, or its agent, shall establish a capital access
program  to  provide a loan loss reserve to assist small businesses that
otherwise find it difficult to obtain regular bank financing.
  (b)(i) Assistance [from this] UNDER THE CAPITAL ACCESS  program  shall
be  provided for a capital access program under which the corporation or

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


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