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Assembly Bill A6835

2021-2022 Legislative Session

Relates to assessment of the record of performance of banking institutions in supporting persons and certain entities affected by the outbreak of COVID-19

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Archive: Last Bill Status - In Assembly Committee

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2021-A6835 (ACTIVE) - Details

See Senate Version of this Bill:
S957
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §28-b, Bank L
Versions Introduced in 2019-2020 Legislative Session:
A10329, S8442

2021-A6835 (ACTIVE) - Summary

Provides for assessment of activities conducted by the banking institution to support persons, small businesses, minority- and women-owned businesses, and certain not-for-profit corporations affected by the outbreak of coronavirus disease 2019 (COVID-19).

2021-A6835 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6835
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 12, 2021
                                ___________
 
 Introduced  by M. of A. REYES -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to assessment of the record
   of performance of banking institutions in  supporting  persons,  small
   businesses, minority- and women-owned businesses, and certain not-for-
   profit corporations affected by the outbreak of COVID-19
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 3 of section 28-b of the bank-
 ing law is amended by adding a new subparagraph 1-a to read as follows:
   (1-A) ACTIVITIES, INCLUDING, BUT NOT LIMITED TO, THE  OFFERING  OF  NO
 INTEREST  LOANS,  THE WAIVING OF FEES, AND THE MODIFICATION OR EXTENSION
 OF EXISTING LOANS AND OTHER  FINANCIAL  INSTRUMENTS,  CONDUCTED  BY  THE
 BANKING  INSTITUTION TO SUPPORT PERSONS, SMALL BUSINESSES, MINORITY- AND
 WOMEN-OWNED BUSINESSES, AND CERTAIN NOT-FOR-PROFIT CORPORATIONS AFFECTED
 BY THE OUTBREAK OF CORONAVIRUS DISEASE 2019 (COVID-19) DURING THE  STATE
 DISASTER  EMERGENCY DECLARED PURSUANT TO EXECUTIVE ORDER TWO HUNDRED TWO
 AND FOR THE SIX MONTHS FOLLOWING THE END OF SUCH STATE DISASTER EMERGEN-
 CY. SUPPORT PROVIDED TO  A  NOT-FOR-PROFIT  CORPORATION  SHALL  ONLY  BE
 CONSIDERED FOR THE PURPOSES OF THIS SUBPARAGRAPH WHERE SUCH NOT-FOR-PRO-
 FIT CORPORATION UTILIZED ITS RESOURCES TO ASSIST UNDERSERVED COMMUNITIES
 DURING THE STATE DISASTER EMERGENCY DECLARED PURSUANT TO EXECUTIVE ORDER
 TWO  HUNDRED  TWO AND FOR THE SIX MONTHS FOLLOWING THE END OF SUCH STATE
 DISASTER EMERGENCY.  ACTIVITIES  AND  SUPPORT  PROVIDED  SHALL  ONLY  BE
 CONSIDERED  FOR  THE  PURPOSES  OF  THIS SUBPARAGRAPH IF SUCH SUPPORT IS
 CERTIFIED BY THE SUPERINTENDENT AS BEING  BEYOND  THE  SUPPORT  PROVIDED
 PURSUANT TO THE FEDERAL PAYCHECK PROTECTION PROGRAM;
   § 2. This act shall take effect immediately.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00134-01-1

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