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Assembly Bill A8935

Signed By Governor

2017-2018 Legislative Session

Relates to the administration of the regional revolving loan fund program

download bill text pdf

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Archive: Last Bill Status Via S7299 - Signed by Governor

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2017-A8935 (ACTIVE) - Details

See Senate Version of this Bill:
S7299
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §§16-a, 16-c, 16-d & 16-t, UDC Act (as proposed in S. 4046 and A. 4253)

2017-A8935 (ACTIVE) - Summary

Authorizes the empire state development corporation to administer several revolving loan fund (RLF) programs in a manner consistent with how the small business revolving loan fund is administered.

2017-A8935 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8935
 
                           I N  A S S E M B L Y
 
                              January 8, 2018
                                ___________
 
 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 the regional revolving loan program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 20 of section 16-a of section 1 of chapter  174
 of  the  laws of 1968, constituting the New York state urban development
 corporation act, as amended by a chapter of the laws of  2017,  amending
 the  New  York  state  urban development corporation act relating to the
 regional revolving loan program, as proposed in legislative bill numbers
 S. 4046 and A.  4253, is amended to read as follows:
   (20) Reporting. (a) The  lending  organization  shall  submit  to  the
 corporation  annual  reports  stating: the number of program loans made;
 the amount of program funding used for loans; the use of  loan  proceeds
 by  the borrower; the number of jobs created or retained; [a description
 of the economic development generated;] the status of  each  outstanding
 program  loan, including fund balance; and such other information as the
 corporation may require.
   (b) The corporation shall, on or before October  1,  1988  and  on  or
 before  each  October  first thereafter, submit a report to the governor
 and the  legislature  on  the  operations  and  accomplishments  of  the
 regional  revolving loan program. Such report shall include a summary of
 the information contained in the reports submitted pursuant to  subdivi-
 sion  sixteen of this section and of the results of the audits performed
 by the corporation pursuant to subdivision nineteen of this section, and
 shall set forth the status of the regional revolving  loan  program  for
 the previous fiscal year, including grants to the regional corporations,
 earnings and account balances as reported to the corporation. The report
 to  be  submitted on October 1, 2005 and on or before each October first
 thereafter shall be consolidated with the annual program report  of  the
 corporation  required under the provisions of subdivision (b) of section
 thirty of this act, as amended.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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