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Assembly Bill A2752

2017-2018 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2017-A2752 (ACTIVE) - Details

Current Committee:
Assembly Small Business
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Rpld & add §16-t sub 14, UDC Act
Versions Introduced in 2015-2016 Legislative Session:
A9418

2017-A2752 (ACTIVE) - Summary

Requires lending organizations to submit annual reports to the corporation.

2017-A2752 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2752
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2017
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Small Business
 
 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 corporation act is REPEALED and a new subdivision 14 is added to read as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, 2017, 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, 2018 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.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08417-01-7

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