senate Bill S4393

2021-2022 Legislative Session

Relates to establishing the New York state taxi medallion debt relief program act

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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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 04, 2021 referred to corporations, authorities and commissions

Co-Sponsors

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S4393 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Add §57, UDC Act

S4393 (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.

S4393 (ACTIVE) - Sponsor Memo

S4393 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4393
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 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 debt relief 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 debt relief 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 DEBT RELIEF 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 DEBT
 RELIEF PROGRAM.
   (C) "MEDALLION" SHALL HAVE THE SAME  MEANING  AS  DEFINED  BY  SECTION
 TWELVE HUNDRED EIGHTY OF THE TAX LAW.
   (D)  "MEDALLION  DRIVER-OWNER"  SHALL  MEAN ANY INDIVIDUAL OR GROUP OF
 INDIVIDUALS WHO OWN, OPERATE, AND DRIVE A SINGLE MEDALLION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06608-02-1

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