Assembly Actions -
Senate Actions - UPPERCASE
|Apr 22, 2020||
reference changed to banks
|Mar 24, 2020||
referred to governmental operations
Assembly Bill A10212
2019-2020 Legislative Session
Archive: Last Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-A10212 (ACTIVE) - Details
2019-A10212 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10212 I N A S S E M B L Y March 24, 2020 ___________ Introduced by M. of A. OTIS -- read once and referred to the Committee on Governmental Operations AN ACT to amend the executive law, in relation to establishing the state of emergency small business and not-for-profit organization loan program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The executive law is amended by adding a new section 29-l to read as follows: § 29-L. STATE OF EMERGENCY SMALL BUSINESS AND NOT-FOR-PROFIT ORGANIZA- TION LOAN PROGRAM. 1. DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOW- ING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "AFFECTED BUSINESS OR ORGANIZATION" MEANS AND INCLUDES BOTH A SMALL BUSINESS AND A SMALL NOT-FOR-PROFIT ORGANIZATION LOCATED WITHIN THIS STATE DURING A STATE OF EMERGENCY; (B) "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE OF SECTION TWO OF THE BANKING LAW; (C) "CREDIT UNION" MEANS A CREDIT UNION AS SUCH TERM IS DEFINED IN SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW; (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES; (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING; (F) "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF EMER- GENCY IS OVER; (G) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY- EES; (H) "SMALL NOT-FOR-PROFIT ORGANIZATION" MEANS A NOT-FOR-PROFIT ORGAN- IZATION WITH NOT MORE THAN FIFTY EMPLOYEES; AND (I) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION BY THE GOVERNOR THAT A STATE OF EMERGENCY EXISTS. 2. STATE OF EMERGENCY SMALL BUSINESS AND NOT-FOR-PROFIT ORGANIZATION LOAN PROGRAM. (A) THE DEPARTMENT SHALL ADMINISTER A STATE OF EMERGENCY SMALL BUSINESS AND NOT-FOR-PROFIT LOAN PROGRAM TO GUARANTEE THE REPAY- MENT OF LOANS MADE BY AN ELIGIBLE FINANCIAL INSTITUTION TO AN ELIGIBLE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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