senate Bill S2520C

2019-2020 Legislative Session

Establishes the state of emergency small business and not-for-profit organization loan program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 12, 2020 print number 2520c
Mar 12, 2020 amend (t) and recommit to banks
Mar 11, 2020 print number 2520b
Mar 11, 2020 amend and recommit to banks
Mar 10, 2020 print number 2520a
Mar 10, 2020 amend (t) and recommit to banks
Jan 08, 2020 referred to banks
Jan 25, 2019 referred to banks

S2520 - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L

S2520 - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

S2520 - Sponsor Memo

S2520 - Bill Text download pdf


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

                                  2520

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 25, 2019
                               ___________

Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT establishing the federal shutdown affected employees loan program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Definitions. As used in this act, the following terms shall
have the following meanings:
  (a) "Affected employee" means a federal employee who, during the shut-
down,  is  (i)  a resident of this state, and (ii) required to work as a
federal employee without pay or furloughed as a federal employee without
pay;
  (b) "Bank" means a bank as such term is defined in  subdivision  1  of
section 2 of the banking law;
  (c)  "Credit  union"  means  a credit union as such term is defined in
subdivision 9 of section 2 of the banking law;
  (d) "Department" means the department of financial services;
  (e) "Eligible financial institution" means a bank or credit union that
has a physical presence in this state and is in good standing;
  (f) "Grace period" means  the  ninety-day  period  after  an  affected
employee's federal agency is funded; and
  (g)  "Shutdown"  means the federal fiscal year 2019 partial government
shutdown that began on December 22, 2018.
  § 2. Federal shutdown affected employee loan program. (a) The  depart-
ment  shall administer a federal shutdown affected employee loan program
to guarantee the repayment of loans made by an eligible financial insti-
tution to an eligible affected employee pursuant to this act.    Subject
to the cessation of new claim approvals under subdivision (d) of section
five of this act, the department shall submit all approved claims to the
comptroller,  who  shall  pay  from  the general fund any and all claims
submitted by the department.
  (b) Any bank or credit union may apply to the  department  to  partic-
ipate  in  the  loan  guarantee program. Not later than one business day
after receiving the application, the department shall determine  whether
the financial institution is an eligible financial institution and imme-

S2520A - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L

S2520A - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

S2520A - Sponsor Memo

S2520A - Bill Text download pdf


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

                                 2520--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 25, 2019
                               ___________

Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks  --  recommitted  to
  the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN ACT to amend the executive law, in relation to establishing the state
  of emergency small business loan program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The executive law is amended by adding a new  section  29-l
to read as follows:
  §  29-L.  STATE  OF  EMERGENCY  SMALL  BUSINESS LOAN PROGRAM. 1. DEFI-
NITIONS. AS USED IN THIS SECTION, THE FOLLOWING  TERMS  SHALL  HAVE  THE
FOLLOWING MEANINGS:
  (A)  "AFFECTED  SMALL  BUSINESS" MEANS A SMALL BUSINESS LOCATED WITHIN
THIS STATE DURING A STATE OF EMERGENCY;
  (B) "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE  OF
SECTION TWO OF THE BANKING LAW;
  (C)  "CREDIT  UNION"  MEANS  A CREDIT UNION AS SUCH TERM IS DEFINED IN
SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
  (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
  (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
  (F) "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF  EMER-
GENCY IS OVER;
  (G) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY-
EES; AND
  (H) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION
BY THE GOVERNOR THAT A STATE OF EMERGENCY EXISTS.
  2.  STATE OF EMERGENCY SMALL BUSINESS LOAN PROGRAM. (A) THE DEPARTMENT
SHALL ADMINISTER A STATE OF EMERGENCY SMALL  BUSINESS  LOAN  PROGRAM  TO

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

S2520B - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L

S2520B - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

S2520B - Sponsor Memo

S2520B - Bill Text download pdf


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

                                 2520--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 25, 2019
                               ___________

Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks  --  recommitted  to
  the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted  to  said committee -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the executive law, in relation to establishing the state
  of emergency small business loan program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The executive law is amended by adding a new section 29-l
to read as follows:
  § 29-L. STATE OF EMERGENCY  SMALL  BUSINESS  LOAN  PROGRAM.  1.  DEFI-
NITIONS.  AS  USED  IN  THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE
FOLLOWING MEANINGS:
  (A) "AFFECTED SMALL BUSINESS" MEANS A SMALL  BUSINESS  LOCATED  WITHIN
THIS STATE DURING A STATE OF EMERGENCY;
  (B)  "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE OF
SECTION TWO OF THE BANKING LAW;
  (C) "CREDIT UNION" MEANS A CREDIT UNION AS SUCH  TERM  IS  DEFINED  IN
SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
  (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
  (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
  (F)  "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF EMER-
GENCY IS OVER;
  (G) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY-
EES; AND
  (H) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION
BY THE GOVERNOR THAT A STATE OF EMERGENCY EXISTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08858-05-0

Co-Sponsors

S2520C (ACTIVE) - Details

See Assembly Version of this Bill:
A10212
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L

S2520C (ACTIVE) - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

S2520C (ACTIVE) - Sponsor Memo

S2520C (ACTIVE) - Bill Text download pdf


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

                                 2520--C

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 25, 2019
                               ___________

Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks  --  recommitted  to
  the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted  to  said committee -- committee discharged, bill amended,
  ordered reprinted as amended and  recommitted  to  said  committee  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the executive law, in relation to establishing the state
  of emergency  small  business  and  not-for-profit  organization  loan
  program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The executive law is amended by adding a new  section  29-l
to read as follows:
  § 29-L. STATE OF EMERGENCY SMALL BUSINESS AND NOT-FOR-PROFIT ORGANIZA-
TION  LOAN PROGRAM. 1. DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOW-
ING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  (A) "AFFECTED BUSINESS OR ORGANIZATION"  MEANS  AND  INCLUDES  BOTH  A
SMALL  BUSINESS  AND  A SMALL NOT-FOR-PROFIT ORGANIZATION LOCATED WITHIN
THIS STATE DURING A STATE OF EMERGENCY;
  (B) "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE  OF
SECTION TWO OF THE BANKING LAW;
  (C)  "CREDIT  UNION"  MEANS  A CREDIT UNION AS SUCH TERM IS DEFINED IN
SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
  (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
  (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
  (F) "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF  EMER-
GENCY IS OVER;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08858-07-0

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