Assembly Bill A6653

2021-2022 Legislative Session

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

download bill text pdf

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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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2021-A6653 (ACTIVE) - Details

See Senate Version of this Bill:
S2831
Current Committee:
Assembly Economic Development
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §57, UDC Act
Versions Introduced in 2019-2020 Legislative Session:
A7966, S6085

2021-A6653 (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.

2021-A6653 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6653
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2021
                                ___________
 
 Introduced  by M. of A. REYES -- read once and referred to the Committee
   on Economic Development
 
 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 57 to read as follows:
   § 57. 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
 OWNERS  THAT  OTHERWISE FIND IT DIFFICULT TO OBTAIN REGULAR BANK FINANC-
 ING, REFINANCING, OR RESTRUCTURING OF ANY EXISTING LOAN.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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