senate Bill S6165

2019-2020 Legislative Session

Relates to linked loans

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 10, 2020 referred to ways and means
delivered to assembly
passed senate
Feb 27, 2020 advanced to third reading
Feb 26, 2020 2nd report cal.
Feb 25, 2020 1st report cal.475
Jan 08, 2020 referred to finance
returned to senate
died in assembly
Jun 13, 2019 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1362
committee discharged and committed to rules
May 21, 2019 referred to finance

Votes

view votes

Feb 25, 2020 - Finance committee Vote

S6165
15
5
committee
15
Aye
5
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

Jun 13, 2019 - Rules committee Vote

S6165
14
4
committee
14
Aye
4
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S6165 (ACTIVE) - Details

See Assembly Version of this Bill:
A7688
Law Section:
State Finance Law
Laws Affected:
Amd §217, St Fin L

S6165 (ACTIVE) - Summary

Removes the maximum limit on the amount of a single linked loan and increases the maximum amount a business can borrow during the life of the linked loan program.

S6165 (ACTIVE) - Sponsor Memo

S6165 (ACTIVE) - Bill Text download pdf


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

                                  6165

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 21, 2019
                               ___________

Introduced  by  Sen. SANDERS -- (at request of the Empire State Develop-
  ment) -- 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. 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]  FIVE
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. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09724-01-9

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