Senate Bill S7299

Signed By Governor
2017-2018 Legislative Session

Relates to the administration of the regional revolving loan fund program

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S7299 (ACTIVE) - Details

See Assembly Version of this Bill:
A8935
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-S7299 (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-S7299 (ACTIVE) - Sponsor Memo

2017-S7299 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7299
 
                             I N  S E N A T E
 
                              January 5, 2018
                                ___________
 
 Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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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