Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to finance |
May 25, 2017 |
referred to finance |
Senate Bill S6491
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Finance 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
2017-S6491 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8117
- Current Committee:
- Senate Finance
- Law Section:
- State Finance Law
- Laws Affected:
- Amd §217, St Fin L
2017-S6491 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6491 TITLE OF BILL : An act to amend the state finance law, in relation to the Excelsior Linked Deposit Program PURPOSE : This bill would increase the lifetime cap on the total amount of money a company may borrow from the Excelsior Linked Deposit program from $2 million to $5 million. SUMMARY OF PROVISIONS : Section one of the bill would amend State Finance Law § 217 to increase the lifetime cap on the total amount of money a company may borrow in the program from $2 million to $5 million. It would remove the current $2 million limit on the maximum loan amount a company may receive under the program. Section 2 of the bill would make it effective immediately. JUSTIFICATION : The Excelsior Linked Deposit program caps the total amount of loan
2017-S6491 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6491 2017-2018 Regular Sessions I N S E N A T E May 25, 2017 ___________ Introduced by Sen. YOUNG -- (at request of the Empire State Development) -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law, in relation to the Excelsior Linked Deposit Program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 217 of the state finance law, as amended by section 1 of part H of chapter 60 of the laws of 2011, is amended to read as follows: § 217. Linked loans. Linked loans shall be made by lenders pursuant to the program only to eligible businesses in connection with eligible projects. [A linked loan shall be limited to a maximum amount of two million dollars.] An eligible business may receive more than one linked loan. During the life of the linked loan program, the total amount of money that a business can borrow from the linked program is [two] FIVE million dollars. The credit decision for making a linked loan shall be made solely by the lender. Notwithstanding the length of the term of a linked loan, the linked deposit relating to the linked loan shall be for a period of not more than four years. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09962-01-7
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