assembly Bill A1819A

2019-2020 Legislative Session

Allows businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 13, 2020 print number 1819a
Mar 13, 2020 amend and recommit to economic development
Jan 08, 2020 referred to economic development
Jan 17, 2019 referred to economic development

Co-Sponsors

A1819 - Details

See Senate Version of this Bill:
S2296
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2015-2016: A4212, A7719, S5737
2017-2018: A491, S3218
2021-2022: A6420, S571

A1819 - Summary

Allows businesses to use funds received from the minority- and women-owned business development and lending program for the purpose of refinancing existing debt.

A1819 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1819

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 17, 2019
                               ___________

Introduced  by  M.  of  A. BICHOTTE, PEOPLES-STOKES, SCHIMMINGER -- read
  once and referred to the Committee on Economic Development

AN ACT to amend the urban development corporation act,  in  relation  to
  allowing  businesses  to  use  funds  received  from  the minority and
  women-owned business development and lending program for  the  purpose
  of refinancing existing debt

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraphs (vi) and (vii) of paragraph (c)  of  subdivi-
sion  1 of section 16-c of section 1 of chapter 174 of the laws of 1968,
constituting the  urban  development  corporation  act,  as  amended  by
section  1  of part AA of chapter 55 of the laws of 2014, are amended to
read as follows:
  (vi) overnight lodging facilities[;
  (vii) refinancing of debt or  equity  invested  in  an  enterprise  or
project].
  §  2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision 1
of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
tuting the urban development  corporation  act,  subparagraph  (vii)  as
amended  and  subparagraph  (viii)  as  added by section 1 of part AA of
chapter 55 of the laws of 2014, are amended and a new subparagraph  (ix)
is added to read as follows:
  (vii)  establish a comprehensive technical assistance program in coop-
eration with the department of economic development to assist  minority-
and  women-owned  businesses and potential minority and women-entrepren-
eurs; [and]
  (viii) notwithstanding any provision of law to the contrary, establish
a minority- and women-owned business investment fund to provide critical
financial support to foster the development of new  and  emerging  ideas
and  products  of minority- and women-owned business enterprises as well
as to promote the long-term financial performance and success  of  early

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

Co-Sponsors

A1819A (ACTIVE) - Details

See Senate Version of this Bill:
S2296
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2015-2016: A4212, A7719, S5737
2017-2018: A491, S3218
2021-2022: A6420, S571

A1819A (ACTIVE) - Summary

Allows businesses to use funds received from the minority- and women-owned business development and lending program for the purpose of refinancing existing debt.

A1819A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1819--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 17, 2019
                               ___________

Introduced  by  M. of A. BICHOTTE, PEOPLES-STOKES, SCHIMMINGER, REYES --
  read once and referred to the Committee  on  Economic  Development  --
  recommitted  to  the  Committee  on Economic Development in accordance
  with Assembly Rule 3, sec. 2 -- committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend the urban development corporation act, in relation to
  allowing businesses to  use  funds  received  from  the  minority  and
  women-owned  business  development and lending program for the purpose
  of refinancing existing debt

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subparagraph  (vii)  of paragraph (c) of subdivision 1 of
section 16-c of section 1 of chapter 174 of the laws of 1968, constitut-
ing the urban development corporation act, as amended by  section  1  of
part  AA  of  chapter  55  of  the  laws  of 2014, is amended to read as
follows:
  (vii) refinancing of debt or  equity  invested  in  an  enterprise  or
project,  UNLESS  THE  CHAIRPERSON OF THE CORPORATION FINDS THE TERMS OF
THE ORIGINAL DEBT TO BE UNREASONABLE AS PROVIDED IN SUBPARAGRAPH (IX) OF
PARAGRAPH (D) OF THIS SUBDIVISION.
  § 2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision  1
of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
tuting  the  urban  development  corporation  act, subparagraph (vii) as
amended and subparagraph (viii) as added by section  1  of  part  AA  of
chapter  55 of the laws of 2014, are amended and a new subparagraph (ix)
is added to read as follows:
  (vii) establish a comprehensive technical assistance program in  coop-
eration  with the department of economic development to assist minority-
and women-owned businesses and potential minority  and  women-entrepren-
eurs; [and]

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00792-03-9