NY State Senate Bill 2019-S5213

Senate Bill S5213

2019-2020 Legislative Session

Provides for the extension of linked deposits for existing projects under the excelsior linked deposit program

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to finance
Apr 16, 2019	referred to finance

2019-S5213 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Amd §217, St Fin L

2019-S5213 (ACTIVE) - Summary

Provides for the extension of linked deposits for existing projects under the excelsior linked deposit program.

2019-S5213 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5213

SPONSOR: LITTLE
 
TITLE OF BILL:  An act to amend the state finance law, in relation to
the excelsior linked deposit program

 
PURPOSE:

This bill provides for the extension of linked deposits for existing
projects under the excelsior linked deposit program.

 
SUMMARY OF PROVISIONS:

Section 1 amends section 217 of the state finance law to establish that
section 217, Linked Loans, is subdivision 1.

Section 2 creates subdivision 2 to section 217 of the state finance law,
which establishes that a linked deposit can be extended for an addi-
tional period of not more than four years if the extension is for an
existing eligible project with an approved loan pursuant to subdivision
one of this section.

Section 3 establishes the effective date.

 
JUSTIFICATION:

The Linked Deposit Program was created to encourage and assist small
businesses within the State to make investments and undertake eligible
projects that will contribute to improving their productivity, perform-
ance and competitiveness by reducing the cost of capital through inter-
est subsidies. Although it is stated on the Linked Deposit Program
government website that existing linked deposits can be extended, it is
not clear in the language of the law that created the program whether or
not extensions are allowed. This creates difficulties for businesses
already in the Linked Deposit Program with an approved loan to extend
their loan.

This bill would help local businesses by allowing them to extend their
existing loan.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S5213 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5213
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 16, 2019
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the state finance law,  in  relation  to  the  excelsior
   linked deposit program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 217 of the state finance law, as amended by section
 1 of part H of chapter 60 of the laws of 2011, is  amended  to  read  as
 follows:
   § 217. Linked loans. 1. Linked loans shall be made by lenders pursuant
 to  the  program only to eligible businesses in connection with eligible
 projects. A linked loan shall be limited to  a  maximum  amount  of  two
 million  dollars.  An eligible business may receive more than one linked
 loan. During the life of the linked loan program, the  total  amount  of
 money  that a business can borrow from the linked program is two million
 dollars. The credit decision for making a  linked  loan  shall  be  made
 solely by the lender. Notwithstanding the length of the term of a linked
 loan,  the  linked  deposit  relating  to the linked loan shall be for a
 period of not more than four years.
   2. A LINKED DEPOSIT MAY BE EXTENDED FOR AN ADDITIONAL  PERIOD  OF  NOT
 MORE  THAN  FOUR  YEARS  IF  SUCH  EXTENSION IS FOR AN EXISTING ELIGIBLE
 PROJECT FOR WHICH A LOAN HAS ALREADY BEEN APPROVED PURSUANT TO  SUBDIVI-
 SION  ONE OF THIS SECTION. AN EXTENSION GRANTED PURSUANT TO THIS SECTION
 SHALL NOT RESULT IN AN INCREASE  OF  THE  MAXIMUM  LOAN  AMOUNT  OF  TWO
 MILLION DOLLARS.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11076-01-9

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