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Assembly Bill A7688

2019-2020 Legislative Session

Relates to linked loans

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Archive: Last Bill Status - In Assembly Committee

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2019-A7688 (ACTIVE) - Details

See Senate Version of this Bill:
S6165
Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd §217, St Fin L

2019-A7688 (ACTIVE) - Summary

Removes the maximum limit on the amount of a single linked loan and increases the maximum amount a business can borrow during the life of the linked loan program.

2019-A7688 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7688
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 16, 2019
                                ___________
 
 Introduced  by M. of A. SCHIMMINGER, D'URSO -- (at request of the Empire
   State Development) -- read once  and  referred  to  the  Committee  on
   Economic Development
 
 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.
                                                            LBD09724-01-9

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