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 Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2019-A1819 - Details

See Senate Version of this Bill:
S2296
Current Committee:
Assembly Economic Development
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

2019-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.

2019-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

2019-A1819A (ACTIVE) - Details

See Senate Version of this Bill:
S2296
Current Committee:
Assembly Economic Development
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

2019-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.

2019-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
              

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