Senate Bill S5374

2017-2018 Legislative Session

Relates to the small business revolving loan fund

download bill text pdf

Sponsored By

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

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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) - Summary

Relates to the small business revolving loan fund.

2017-S5374 (ACTIVE) - Sponsor Memo

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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