senate Bill S6085

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to corporations, authorities and commissions
May 16, 2019 referred to corporations, authorities and commissions

Co-Sponsors

S6085 (ACTIVE) - Details

See Assembly Version of this Bill:
A7966
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §54, UDC Act

S6085 (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.

S6085 (ACTIVE) - Sponsor Memo

S6085 (ACTIVE) - Bill Text download pdf


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

                                  6085

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sen.  RAMOS  -- 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
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11831-02-9

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