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

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Sponsored By

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

2019-S2296 - Details

See Assembly Version of this Bill:
A1819
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: S5737, A4212, A7719
2017-2018: S3218, A491
2021-2022: S571, A6420

2019-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.

2019-S2296 - Sponsor Memo

2019-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

2019-S2296A (ACTIVE) - Details

See Assembly Version of this Bill:
A1819
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: S5737, A4212, A7719
2017-2018: S3218, A491
2021-2022: S571, A6420

2019-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.

2019-S2296A (ACTIVE) - Sponsor Memo

2019-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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