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Senate Bill S7925A

Signed By Governor

2015-2016 Legislative Session

Relates to small business online lending awareness and outreach campaign

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Archive: Last Bill Status Via A10259 - Signed by Governor

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Bill Amendments

2015-S7925 - Details

See Assembly Version of this Bill:
A10259
Law Section:
Economic Development Law
Laws Affected:
Amd §134, Ec Dev L

2015-S7925 - Summary

Relates to a small business online lending awareness and outreach campaign.

2015-S7925 - Sponsor Memo

2015-S7925 - Bill Text download pdf 

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

                                  7925

                            I N  S E N A T E

                              May 25, 2016
                               ___________

Introduced  by  Sen. LAVALLE -- 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, in relation to small busi-
  ness online lending awareness and outreach campaign

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

  Section 1. Subdivision 11 of section 134 of the  economic  development
law,  as added by chapter 361 of the laws of 2009, is amended to read as
follows:
  11. provide assistance to small business in the state, and  facilitate
access  to  programs  serving  small business, to ensure that such busi-
nesses benefit, as needed, from technical,  managerial,  financial,  and
general  business  assistance;  training;  marketing;  organization  and
personnel skill development; project management  assistance;  technology
assistance;  bond and insurance education assistance; ONLINE MARKETPLACE
LENDING AWARENESS AND ASSISTANCE; and other business development assist-
ance. In addition, either independently or  in  conjunction  with  other
state agencies:
  (a)  develop  a  clearinghouse of information on programs and services
provided by entities that may assist such businesses; [and]
  (b) seek to maximize utilization  by  small  businesses  of  available
federal  resources  including  but not limited to federal grants, loans,
loan guarantees, surety bonding guarantees,  technical  assistance,  and
programs and services of the federal small business administration; AND
  (C)  DEVELOP  AND  IMPLEMENT,  IN  CONJUNCTION  WITH THE DEPARTMENT OF
FINANCIAL SERVICES, A SMALL BUSINESS ONLINE MARKETPLACE  LENDING  EDUCA-
TION AND OUTREACH CAMPAIGN TO EDUCATE BUSINESSES IN PLAIN-LANGUAGE AS TO
THE  TRUE  COSTS ASSOCIATED WITH OBTAINING LOANS FROM ONLINE MARKETPLACE
LENDERS INCLUDING TRUE AND UP-FRONT TRANSPARENT PRICING AND  TERMS,  THE
DISCLOSURE  OF  ANNUALIZED  PERCENTAGE  RATES,  INTEREST RATES, FEES AND
CHARGES; DISCLOSURE OF TERMS FOR REPAYMENT, EARLY REPAYMENT,  AND  REFI-
NANCING  OF  A LOAN AND ANY PENALTIES THAT MAY BE APPLIED; AND ANY OTHER
INFORMATION THAT IS DEEMED NECESSARY BY THE DEPARTMENT.  THE  DEPARTMENT

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

2015-S7925A (ACTIVE) - Details

See Assembly Version of this Bill:
A10259
Law Section:
Economic Development Law
Laws Affected:
Amd §134, Ec Dev L

2015-S7925A (ACTIVE) - Summary

Relates to a small business online lending awareness and outreach campaign.

2015-S7925A (ACTIVE) - Sponsor Memo

2015-S7925A (ACTIVE) - Bill Text download pdf 

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

                                 7925--A

                            I N  S E N A T E

                              May 25, 2016
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment  and  Small  Business  --  committee  discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the economic development law, in relation to small busi-
  ness online lending awareness and outreach campaign

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

  Section  1.  Subdivision 11 of section 134 of the economic development
law, as added by chapter 361 of the laws of 2009, is amended to read  as
follows:
  11.  provide assistance to small business in the state, and facilitate
access to programs serving small business, to  ensure  that  such  busi-
nesses  benefit,  as  needed, from technical, managerial, financial, and
general  business  assistance;  training;  marketing;  organization  and
personnel  skill  development; project management assistance; technology
assistance; bond and insurance education assistance; ONLINE  MARKETPLACE
LENDING AWARENESS AND ASSISTANCE; and other business development assist-
ance.  In  addition,  either  independently or in conjunction with other
state agencies:
  (a) develop a clearinghouse of information on  programs  and  services
provided by entities that may assist such businesses; [and]
  (b)  seek  to  maximize  utilization  by small businesses of available
federal resources including but not limited to  federal  grants,  loans,
loan  guarantees,  surety  bonding guarantees, technical assistance, and
programs and services of the federal small business administration; AND
  (C) DEVELOP AND IMPLEMENT,  IN  CONJUNCTION  WITH  THE  DEPARTMENT  OF
FINANCIAL  SERVICES,  A SMALL BUSINESS ONLINE MARKETPLACE LENDING EDUCA-
TION AND OUTREACH CAMPAIGN TO EDUCATE BUSINESSES IN PLAIN-LANGUAGE AS TO
THE TRUE COSTS ASSOCIATED WITH OBTAINING LOANS FROM  ONLINE  MARKETPLACE
LENDERS  INCLUDING  TRUE AND UP-FRONT TRANSPARENT PRICING AND TERMS, THE
DISCLOSURE OF ANNUALIZED PERCENTAGE  RATES,  INTEREST  RATES,  FEES  AND
CHARGES;  DISCLOSURE  OF TERMS FOR REPAYMENT, EARLY REPAYMENT, AND REFI-
NANCING OF A LOAN AND ANY PENALTIES THAT MAY BE APPLIED; AND  ANY  OTHER

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

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