Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 19, 2016 |
signed chap.254 |
Aug 08, 2016 |
delivered to governor |
Jun 01, 2016 |
returned to assembly passed senate 3rd reading cal.1019 substituted for s579c |
Jun 01, 2016 |
substituted by a6621b |
May 25, 2016 |
advanced to third reading |
May 24, 2016 |
2nd report cal. |
May 23, 2016 |
1st report cal.1019 |
May 10, 2016 |
print number 579c |
May 10, 2016 |
amend and recommit to corporations, authorities and commissions |
May 03, 2016 |
print number 579b |
May 03, 2016 |
amend (t) and recommit to corporations, authorities and commissions |
Mar 23, 2016 |
print number 579a |
Mar 23, 2016 |
amend and recommit to corporations, authorities and commissions |
Jan 06, 2016 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Jun 01, 2015 |
referred to small business delivered to assembly passed senate |
May 18, 2015 |
advanced to third reading |
May 13, 2015 |
2nd report cal. |
May 12, 2015 |
1st report cal.650 |
Jan 07, 2015 |
referred to corporations, authorities and commissions |
Senate Bill S579A
Signed By Governor2015-2016 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status Via A6621 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D) 14th Senate District
2015-S579 - Details
2015-S579 - Sponsor Memo
BILL NUMBER: S579 TITLE OF BILL : 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 appropriations to micro loans and micro seed loans PURPOSE : The purpose of this bill is to increase micro loans and micro seed loans from existing and future funds in the small business revolving loan fund. SUMMARY OF PROVISIONS : Section 1 creates a new category of loan, micro seed loans, that have a principal amount less than five thousand dollars; makes the definition of micro loans consistent; requires that not less than fifteen percent of any remaining interest, principal or further appropriation to the small business revolving loan fund shall be set aside for microloans and not less than five percent of any remaining interest, principal or further appropriation to the small business revolving loan fund shall be set aside for micro seed loans. When there is no remaining principal or additional appropriation, not less than fifteen percent of any generated interest shall be set aside for micro loans and five percent for micro seed loans. Any remaining principal, interest or further appropriation shall be used for micro seed loans, micro loans, regular loans, or for associated services and
2015-S579 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 579 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ 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. THE CORPO- RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING PRINCIPAL, INTEREST, OR FURTHER APPROPRIATION OF THE FUND ON OR AFTER JULY FIRST, TWO THOUSAND SIXTEEN IS SET ASIDE FOR MICRO LOANS. FURTHER- MORE THE CORPORATION SHALL PROVIDE THAT NOT LESS THAN FIVE PERCENT OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 14th Senate District
2015-S579A - Details
2015-S579A - Sponsor Memo
BILL NUMBER: S579A TITLE OF BILL : 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 appropriations to micro loans and micro seed loans PURPOSE : The purpose of this bill is to increase micro loans and micro seed loans from existing and future funds in the small business revolving loan fund. SUMMARY OF PROVISIONS : Section 1 creates a new category of loan, micro seed loans, that have a principal amount less than five thousand dollars; makes the definition of micro loans consistent; requires that not less than fifteen percent of any remaining interest, principal or further appropriation to the small business revolving loan fund shall be set aside for microloans and not less than five percent of any remaining interest, principal or further appropriation to the small business revolving loan fund shall be set aside for micro seed loans. When there is no remaining principal or additional appropriation, not less than fifteen percent of any generated interest shall be set aside for micro loans and five percent for micro seed loans. Any remaining
2015-S579A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 579--A 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sens. SQUADRON, COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corpo- rations, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 14th Senate District
2015-S579B - Details
2015-S579B - Sponsor Memo
BILL NUMBER: S579B TITLE OF BILL : An act to amend the New York state urban development corporation act, in relation to micro-businesses and micro loans PURPOSE : The purpose of this bill is to increase loans to micro-businesses stemming from the Small Business Revolving Loan Fund. SUMMARY OF PROVISIONS : Section 1 defines a micro-business as a business that employs less than five people. Further, section one directs ESDC to show preference in awarding program funds via the small business revolving loan fund to lending organizations who serve micro-businesses and micro-loans. For approved micro-loans of five thousand or less, application fees would be credited against the balance of the loan. JUSTIFICATION : The small business revolving loan fund is meant to provide loans to small and micro businesses that need capital and have difficulty accessing credit markets. The 2010-11 budget provided $25 million in
2015-S579B - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 579--B 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sens. SQUADRON, COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corpo- rations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- 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 micro-businesses and micro loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 1, 2, 3, and 5 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 chap- ter 59 of the laws of 2013, is amended to read as follows: 1. The small business revolving loan fund program is hereby created. The corporation is authorized, within available appropriations, to provide low interest loans to community development financial insti- tutions, in order to provide funding for those lending organizations' loans to small businesses, AND MICRO-BUSINESSES located within New York state, that generate economic growth and job creation within New York state but that are unable to obtain adequate credit or adequate terms for such credit. If in the discretion of the corporation the use of a community development financial institution is not practicable based upon the application of rules and regulations developed by the corpo- ration, including, but not limited to, assessments of geographic and administrative capacity, then the corporation is authorized, within available appropriations, to provide low interest loans to the following other local community based lending organizations: small business lend- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 14th Senate District
2015-S579C (ACTIVE) - Details
2015-S579C (ACTIVE) - Sponsor Memo
BILL NUMBER: S579C TITLE OF BILL : An act to amend the New York state urban development corporation act, in relation to micro-businesses and micro loans PURPOSE : The purpose of this bill is to increase loans to micro-businesses stemming from the Small Business Revolving Loan Fund. SUMMARY OF PROVISIONS : Section 1 defines a micro-business as a business that employs less than five people. Further, section one directs ESDC to show preference in awarding program funds via the small business revolving loan fund to lending organizations who serve micro-businesses and micro-loans. For approved micro-loans of five thousand or less, application fees shall be waived. JUSTIFICATION : The small business revolving loan fund is meant to provide loans to small and micro businesses that need capital and have difficulty accessing credit markets. The 2010-11 budget provided $25 million in
2015-S579C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 579--C 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sens. SQUADRON, COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corpo- rations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- 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 micro-businesses and micro loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 1, 2, 3, and 5 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 chap- ter 59 of the laws of 2013, is amended to read as follows: 1. The small business revolving loan fund program is hereby created. The corporation is authorized, within available appropriations, to provide low interest loans to community development financial insti- tutions, in order to provide funding for those lending organizations' loans to small businesses, AND MICRO-BUSINESSES located within New York state, that generate economic growth and job creation within New York state but that are unable to obtain adequate credit or adequate terms for such credit. If in the discretion of the corporation the use of a community development financial institution is not practicable based upon the application of rules and regulations developed by the corpo- ration, including, but not limited to, assessments of geographic and administrative capacity, then the corporation is authorized, within available appropriations, to provide low interest loans to the following other local community based lending organizations: small business lend- ing consortia, certified development companies, providers of United States department of agriculture business and industrial guaranteed
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