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Assembly Bill A9418

2015-2016 Legislative Session

Requires lending organizations to submit annual reports to the corporation; repealer

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2015-A9418 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Rpld & add ยง16-t sub 14, UDC Act
Versions Introduced in 2017-2018 Legislative Session:
A2752

2015-A9418 (ACTIVE) - Summary

Requires lending organizations to submit annual reports to the corporation.

2015-A9418 (ACTIVE) - Bill Text download pdf 

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

                                  9418

                          I N  A S S E M B L Y

                              March 3, 2016
                               ___________

Introduced by M. of A. THIELE -- read once and referred to the Committee
  on Banks

AN ACT to amend the New York state urban development corporation act, in
  relation  to  required  reporting; and repealing certain provisions of
  such law relating thereto

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

  Section  1. Subdivision 14 of section 16-t of section 1 of chapter 174
of the laws of 1968, constituting the New York state  urban  development
corporation act is REPEALED and a new subdivision 14 is added to read as
follows:
  14. (A) STARTING SEPTEMBER 1, 2016, AND ON A QUARTERLY BASIS THEREAFT-
ER, THE LENDING ORGANIZATION SHALL SUBMIT PROGRAMS STATUS UPDATES TO THE
CORPORATION  STATING:  THE  NUMBER OF APPLICANTS FOR PROGRAM LOAN FUNDS;
THE NUMBER OF APPLICATIONS APPROVED AND DENIED; THE NUMBER OF LOANS MADE
AND THE AMOUNTS APPROVED; THE STATUS OF OUTSTANDING LOANS, INCLUDING THE
RATE OF REPAYMENT AND DEFAULT ON SUCH LOANS; THE  INTENDED  USE  OF  THE
LOAN BY BORROWERS; AND, ANY OTHER INFORMATION THAT THE CORPORATION DEEMS
NECESSARY.  SUCH  DATA SHALL BE PUBLISHED QUARTERLY ON THE CORPORATION'S
WEBSITE.
  (B) STARTING JANUARY 1, 2017 AND ANNUALLY THEREAFTER, THE  CORPORATION
MUST  SUBMIT  A PERFORMANCE REPORT, WHICH SHALL INCLUDE A COMPILATION OF
DATA  COLLECTED  PURSUANT  TO  PARAGRAPH  (A)  OF  THIS  SUBDIVISION;  A
DESCRIPTION  OF THE ECONOMIC DEVELOPMENT GENERATED, INCLUDING THE NUMBER
OF JOBS CREATED AND/OR RETAINED AND WHETHER BORROWERS USED SUCH LOANS TO
LEVERAGE ADDITIONAL FUNDING; THE STATUS OF THE LOAN FUND, INCLUDING  THE
FUND  BALANCE;  AND,  ANY  OTHER  INFORMATION THAT THE CORPORATION DEEMS
NECESSARY AND APPROPRIATE. SUCH REPORT SHALL BE MADE  AVAILABLE  ON  THE
CORPORATION'S WEBSITE.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13797-04-6

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