Assembly Bill A7966

2019-2020 Legislative Session

Relates to establishing the New York state taxi medallion guaranty program act

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2019-A7966 (ACTIVE) - Details

See Senate Version of this Bill:
S6085
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §54, UDC Act
Versions Introduced in 2021-2022 Legislative Session:
A6653, S2831

2019-A7966 (ACTIVE) - Summary

Establishes the New York state taxi medallion guaranty program act to assist taxi medallion owners who are otherwise unable to obtain financing, refinancing, or restructuring of an existing loan.

2019-A7966 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7966
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 29, 2019
                                ___________
 
 Introduced by M. of A. CRESPO -- read once and referred to the Committee
   on Economic Development
 
 AN  ACT  to  amend the urban development corporation act, in relation to
   establishing the New York state taxi medallion guaranty program act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "New York state taxi medallion guaranty program act".
   § 2. Section 1 of chapter 174 of the laws of  1968,  constituting  the
 New York state urban development corporation act, is amended by adding a
 new section 54 to read as follows:
   §  54.  NEW  YORK  STATE  TAXI  MEDALLION GUARANTY PROGRAM. 1. FOR THE
 PURPOSES OF THIS SECTION:
   (A) "FINANCIAL  INSTITUTION"  SHALL  MEAN  ANY  BANK,  TRUST  COMPANY,
 SAVINGS  BANK,  SAVINGS  AND LOAN ASSOCIATION, OR COOPERATIVE BANK CHAR-
 TERED BY THE STATE OR ANY NATIONAL BANKING ASSOCIATION, FEDERAL  SAVINGS
 AND  LOAN ASSOCIATION OR FEDERAL SAVINGS BANK, ANY COMMUNITY DEVELOPMENT
 FINANCIAL INSTITUTION OR COMMUNITY-BASED LENDING  ORGANIZATION,  OR  ANY
 STATE  OR  FEDERALLY  CHARTERED  CREDIT  UNION,  OR ANY OTHER FEDERAL OR
 STATE-CHARTERED ENTITY WHOSE  PRINCIPAL  BUSINESS  IS  THE  ORIGINATING,
 PURCHASING,  OR  SERVICING  OF  COMMERCIAL  FINANCIAL  OBLIGATIONS OF OR
 RELATING TO MEDALLIONS.
   (B) "PARTICIPATING FINANCIAL INSTITUTION"  SHALL  MEAN  ANY  FINANCIAL
 INSTITUTION  PARTICIPATING IN THE NEW YORK STATE TAXI MEDALLION GUARANTY
 PROGRAM.
   (C) "MEDALLION" SHALL HAVE THE SAME  MEANING  AS  DEFINED  BY  SECTION
 TWELVE HUNDRED EIGHTY OF THE TAX LAW.
   2. (A) THE CORPORATION, OR ITS AGENT, SHALL ESTABLISH A TAXI MEDALLION
 GUARANTY  PROGRAM  TO  PROVIDE  A  LOAN LOSS RESERVE TO ASSIST MEDALLION
 OWNERS THAT OTHERWISE FIND IT DIFFICULT TO OBTAIN REGULAR  BANK  FINANC-
 ING, REFINANCING, OR RESTRUCTURING OF ANY EXISTING LOAN.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.