Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 03, 2018 | referred to economic development |
Jan 09, 2017 | referred to economic development |
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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Co-Sponsors
Crystal Peoples-Stokes
Robin Schimminger
A491 (ACTIVE) - Details
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.