Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Jun 13, 2017 |
referred to small business delivered to assembly passed senate |
May 08, 2017 |
advanced to third reading |
May 03, 2017 |
2nd report cal. |
May 02, 2017 |
1st report cal.723 |
Mar 23, 2017 |
referred to corporations, authorities and commissions |
Senate Bill S5374
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- 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
Actions
Votes
2017-S5374 (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- New York State Urban Development Corporation Act
- Laws Affected:
- Amd §16-t, UDC Act
2017-S5374 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5374 TITLE OF BILL : An act to amend the New York State urban development corporation act, in relation to the small business revolving loan fund program PURPOSE : This bill would increase the opportunity for the New York State Urban Development Corporation to utilize fully its Small Business Revolving Loan Fund program. SUMMARY OF PROVISIONS : Section 1 of the bill would add a new subdivision 17 to Section 16-t of the Urban Development Corporation Act to authorize the reallocation of funding to the Small Business Revolving Loan Trust Fund Program from the Regional Revolving Loan Trust Fund Program and Commercial District Revolving Loan Trust Fund Program. Such funds may only be relocated if they are made to the type of business that would be eligible under the respective program from which the funds were reallocated. Section 2 of the bill would make it effective immediately. JUSTIFICATION :
2017-S5374 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5374 2017-2018 Regular Sessions I N S E N A T E March 23, 2017 ___________ Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel- opment) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commis- sions AN ACT to amend the New York State urban development corporation act, in relation to the small business revolving loan fund program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 16-t of section 1 of chapter 174 of the laws of 1968, constituting the New York State urban development corporation act, is amended by adding a new subdivision 17 to read as follows: 17. AS PROVIDED IN THIS SUBDIVISION, THE CORPORATION IS AUTHORIZED TO REALLOCATE TO THE PROGRAM FUNDS FROM THE REGIONAL REVOLVING LOAN TRUST FUND AND COMMERCIAL DISTRICT REVOLVING LOAN TRUST FUND. FOR PROGRAM LOANS MADE WITH SUCH REALLOCATED FUNDS: (A) LOANS PROVIDED WITH FUNDS REALLOCATED FROM THE COMMERCIAL DISTRICT REVOLVING LOAN TRUST FUND SHALL BE TO RETAIL BUSINESSES WITHIN A COMMERCIAL DISTRICT; (B) TO THE EXTENT FEASIBLE, THE CORPORATION SHALL APPLY THE REALLOCATED FUNDS FROM THE REGIONAL REVOLVING LOAN TRUST FUND SO THAT PROGRAM ELIGIBLE BORROWERS IN ALL REGIONS OF THE STATE SHALL HAVE ACCESS TO LOANS FUNDED WITH SUCH REALLOCATED FUNDS; (C) THE CORPORATION MAY AUTHORIZE A LENDING ORGANIZA- TION TO FUND UP TO ONE HUNDRED PERCENT OF THE PRINCIPAL AMOUNT OF EACH LOAN WITH REALLOCATED FUNDS; (D) LENDING ORGANIZATIONS PARTICIPATING IN THE REGIONAL REVOLVING LOAN TRUST FUND AND COMMERCIAL DISTRICT REVOLVING LOAN TRUST FUND, OR THE PROGRAM MAY RECEIVE SUCH REALLOCATED FUNDS WITH- OUT PARTICIPATING IN A NEW COMPETITIVE SOLICITATION; AND (E) SUBJECT TO THE PROVISIONS OF THIS SUBDIVISION, ALL OTHER PROVISIONS OF THIS SECTION WILL APPLY WITH RESPECT TO THE REALLOCATED FUNDS. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09974-02-7
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