senate Bill S3218

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

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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 corporations, authorities and commissions
Jan 20, 2017 referred to corporations, authorities and commissions

S3218 (ACTIVE) - Details

See Assembly Version of this Bill:
A491
Current Committee:
Senate Corporations, Authorities And Commissions
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: S5737, A4212, A7719
2019-2020: S2296, A1819

S3218 (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.

S3218 (ACTIVE) - Sponsor Memo

S3218 (ACTIVE) - Bill Text download pdf


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

                                  3218

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 20, 2017
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

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

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

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