senate Bill S3406

2021-2022 Legislative Session

Establishes the state of emergency small business and not-for-profit organization loan program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2021 referred to banks

S3406 (ACTIVE) - Details

See Assembly Version of this Bill:
A5086
Current Committee:
Senate Banks
Law Section:
Executive Law
Laws Affected:
Add §29-l, Exec L
Versions Introduced in 2019-2020 Legislative Session:
S2520, A10212

S3406 (ACTIVE) - Summary

Establishes the state of emergency small business and not-for-profit organization loan program.

S3406 (ACTIVE) - Sponsor Memo

S3406 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3406
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2021
                                ___________
 
 Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the executive law, in relation to establishing the state
   of emergency  small  business  and  not-for-profit  organization  loan
   program

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The executive law is amended by adding a new  section  29-l
 to read as follows:
   § 29-L. STATE OF EMERGENCY SMALL BUSINESS AND NOT-FOR-PROFIT ORGANIZA-
 TION  LOAN PROGRAM. 1. DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOW-
 ING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "AFFECTED BUSINESS OR ORGANIZATION"  MEANS  AND  INCLUDES  BOTH  A
 SMALL  BUSINESS  AND  A SMALL NOT-FOR-PROFIT ORGANIZATION LOCATED WITHIN
 THIS STATE DURING A STATE OF EMERGENCY;
   (B) "BANK" MEANS A BANK AS SUCH TERM IS DEFINED IN SUBDIVISION ONE  OF
 SECTION TWO OF THE BANKING LAW;
   (C)  "CREDIT  UNION"  MEANS  A CREDIT UNION AS SUCH TERM IS DEFINED IN
 SUBDIVISION NINE OF SECTION TWO OF THE BANKING LAW;
   (D) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES;
   (E) "ELIGIBLE FINANCIAL INSTITUTION" MEANS A BANK OR CREDIT UNION THAT
 HAS A PHYSICAL PRESENCE IN THIS STATE AND IS IN GOOD STANDING;
   (F) "GRACE PERIOD" MEANS THE NINETY-DAY PERIOD AFTER A STATE OF  EMER-
 GENCY IS OVER;
   (G) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY-
 EES;
   (H)  "SMALL NOT-FOR-PROFIT ORGANIZATION" MEANS A NOT-FOR-PROFIT ORGAN-
 IZATION WITH NOT MORE THAN FIFTY EMPLOYEES; AND
   (I) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION
 BY THE GOVERNOR THAT A STATE OF EMERGENCY EXISTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02484-02-1

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