senate Bill S4878A

2013-2014 Legislative Session

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loan

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 28, 2014 referred to small business
delivered to assembly
passed senate
May 14, 2014 advanced to third reading
May 13, 2014 2nd report cal.
May 12, 2014 1st report cal.604
Mar 28, 2014 print number 4878a
amend and recommit to corporations, authorities and commissions
Jan 08, 2014 referred to corporations, authorities and commissions
Apr 29, 2013 referred to corporations, authorities and commissions

Votes

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May 12, 2014 - Corporations, Authorities and Commissions committee Vote

S4878A
5
0
committee
5
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: May 12, 2014

aye wr (1)

Bill Amendments

Original
A (Active)
Original
A (Active)

S4878 - Details

Current Committee:
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in 2011-2012 Legislative Session:
S7231

S4878 - Summary

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans.

S4878 - Sponsor Memo

S4878 - Bill Text download pdf

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

                                  4878

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 29, 2013
                               ___________

Introduced  by Sen. SQUADRON -- 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 requiring the small business revolving loan fund to issue
  a certain percentage of its remaining principal or  further  appropri-
  ations to micro loans and micro seed loans

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

  Section 1. Subdivision 3 of section 16-t of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small businesses shall be used for the creation and retention  of  jobs,
as  defined  by the corporation, including: (a) working capital; (b) the
acquisition and/or improvement of real property; (c) the acquisition  of
machinery and equipment, property or improvement; or (d) the refinancing
of  debt  obligations. There shall be [two] THREE categories of loans to
small businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL  AMOUNT
LESS  THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a princi-
pal amount [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND  less  than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal  amount not less than twenty-five thousand dollars.  Minority- and
women-owned business enterprises and other small businesses  who  access
such  program  loans  under this subdivision shall not be precluded from
accessing such short-term financing  loans  provided  under  subdivision
eleven  of this section THE CORPORATION SHALL PROVIDE THAT NOT LESS THAN
FIFTEEN PERCENT OF ANY REMAINING PRINCIPAL OR FURTHER  APPROPRIATION  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01898-02-3

Co-Sponsors

S4878A (ACTIVE) - Details

Current Committee:
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in 2011-2012 Legislative Session:
S7231

S4878A (ACTIVE) - Summary

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans.

S4878A (ACTIVE) - Sponsor Memo

S4878A (ACTIVE) - Bill Text download pdf

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

                                 4878--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 29, 2013
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions  --  recommitted  to  the  Committee on Corporations,
  Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation to requiring the small business revolving loan fund to  issue
  a  certain  percentage of its remaining principal or further appropri-
  ations to micro loans and micro seed loans

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

  Section  1.  Subdivision 3 of section 16-t of section 1 of chapter 174
of the laws of 1968, constituting the New York state  urban  development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small  businesses  shall be used for the creation and retention of jobs,
as defined by the corporation, including: (a) working capital;  (b)  the
acquisition  and/or improvement of real property; (c) the acquisition of
machinery and equipment, property or improvement; or (d) the refinancing
of debt obligations. There shall be [two] THREE categories of  loans  to
small  businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL AMOUNT
LESS THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a  princi-
pal  amount  [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND less than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal amount not less than twenty-five thousand  dollars.    THE  CORPO-
RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING
PRINCIPAL  OR  FURTHER APPROPRIATION OF THE FUND ON OR AFTER JULY FIRST,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01898-04-4

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