assembly Bill A491

2017-2018 Legislative Session

Allows businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to economic development
Jan 09, 2017 referred to economic development

Co-Sponsors

A491 (ACTIVE) - Details

See Senate Version of this Bill:
S3218
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2015-2016: A4212, A7719, S5737
2019-2020: A1819, S2296
2021-2022: A6420, S571

A491 (ACTIVE) - Summary

Allows businesses to use funds received from minority- and women-owned business development and lending program for the purpose of refinancing existing debt.

A491 (ACTIVE) - Bill Text download pdf


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

                                   491

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                             January 9, 2017
                               ___________

Introduced by M. of A. BICHOTTE -- read once and referred to the Commit-
  tee on Economic Development

AN  ACT  to  amend the urban development corporation act, in relation to
  allowing businesses to  use  funds  received  from  the  minority  and
  women-owned  business  development and lending program for the purpose
  of refinancing existing debt

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

  Section  1.  Subparagraphs (vi) and (vii) of paragraph (c) of subdivi-
sion 1 of section 16-c of section 1 of chapter 174 of the laws of  1968,
constituting  the  urban  development  corporation  act,  as  amended by
section 1 of part AA of chapter 55 of the laws of 2014, are  amended  to
read as follows:
  (vi) overnight lodging facilities[;
  (vii)  refinancing  of  debt  or  equity  invested in an enterprise or
project].
  § 2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision  1
of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
tuting  the  urban  development  corporation  act, subparagraph (vii) as
amended and subparagraph (viii) as added by section  1  of  part  AA  of
chapter  55 of the laws of 2014, are amended and a new subparagraph (ix)
is added to read as follows:
  (vii) establish a comprehensive technical assistance program in  coop-
eration  with the department of economic development to assist minority-
and women-owned businesses and potential minority  and  women-entrepren-
eurs; [and]
  (viii) notwithstanding any provision of law to the contrary, establish
a minority- and women-owned business investment fund to provide critical
financial  support  to  foster the development of new and emerging ideas
and products of minority- and women-owned business enterprises  as  well
as  to  promote the long-term financial performance and success of early

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