senate Bill S2296A

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

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (17)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 04, 2020 referred to economic development
delivered to assembly
passed senate
Feb 24, 2020 advanced to third reading
Feb 13, 2020 2nd report cal.
Feb 12, 2020 1st report cal.429
Jan 08, 2020 referred to corporations, authorities and commissions
returned to senate
died in assembly
Jun 17, 2019 referred to economic development
delivered to assembly
passed senate
ordered to third reading cal.1417
committee discharged and committed to rules
Jun 12, 2019 print number 2296a
Jun 12, 2019 amend and recommit to corporations, authorities and commissions
Jan 23, 2019 referred to corporations, authorities and commissions

Votes

view votes

Feb 12, 2020 - Corporations, Authorities and Commissions committee Vote

S2296A
6
0
committee
6
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Feb 12, 2020

excused (1)

Jun 17, 2019 - Rules committee Vote

S2296A
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S2296 - Details

See Assembly Version of this Bill:
A1819
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: S5737, A4212, A7719
2017-2018: S3218, A491

S2296 - 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.

S2296 - Sponsor Memo

S2296 - Bill Text download pdf


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

                                  2296

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 23, 2019
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

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

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

Co-Sponsors

S2296A (ACTIVE) - Details

See Assembly Version of this Bill:
A1819
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: S5737, A4212, A7719
2017-2018: S3218, A491

S2296A (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.

S2296A (ACTIVE) - Sponsor Memo

S2296A (ACTIVE) - Bill Text download pdf


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

                                 2296--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 23, 2019
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and   Commissions  --  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]
  (viii) notwithstanding any provision of law to the contrary, establish
a minority- and women-owned business investment fund to provide critical

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

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