senate Bill S5046

2021-2022 Legislative Session

Relates to alternative investment bonds

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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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view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 04, 2021 referred to economic development
delivered to assembly
passed senate
May 03, 2021 advanced to third reading
Apr 28, 2021 2nd report cal.
Apr 27, 2021 1st report cal.799
Feb 22, 2021 referred to banks

S5046 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
Versions Introduced in Other Legislative Sessions:
2011-2012: S2792
2013-2014: S1607
2015-2016: S1562
2017-2018: S3637
2019-2020: S4745, A8190

S5046 (ACTIVE) - Summary

Relates to alternative finance investment bonds.

S5046 (ACTIVE) - Sponsor Memo

S5046 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        2021-2022 Regular Sessions
                             I N  S E N A T E
                             February 22, 2021
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 AN ACT in relation to alternative finance investment bonds

   Section  1. Legislative findings and intent. 1.  New York's historical
 prosperity has derived from the freedom and  innovative  nature  of  the
 state's  capital  markets  and  New  York's roles as a center of foreign
 trade and investment, which has helped build the industries  and  create
 the jobs that earned the state the nickname of the Empire State.
   2.  The legislature finds that in order to bring more jobs to New York
 in  a  global  economy, and to increase the state's competitiveness, the
 state must find new sources of capital  investment  to  create  opportu-
 nities  throughout  the state. An innovative way to accomplish this goal
 would be to create alternate investment instruments that  would  attract
 capital  from investors who for personal, moral or religious reasons are
 unable to use conventional debt instruments such as bonds due  to  their
 inability to purchase securities that generate interest.
   3.  New  York  has the proud heritage of being a model for the rest of
 the nation in the areas  of  ethnic,  national,  racial,  and  religious
 tolerance and diversity. However, over time large numbers of New Yorkers
 have  been  unable to participate in investment opportunities offered by
 the state, or in public-private partnerships due to the lack of  diverse
 means of long term capital investments. Broadening the state's portfolio
 of investment instruments would not only enfranchise large groups of New
 Yorkers and lower the costs of state and local borrowing, but would also
 aid  in  community  renewal  and revitalization. Creating more inclusive
 forms of state financial opportunities would also broaden the streams of
 capital available to the state, lowering the cost of financing and  once
 again  involving the world's investors in the development of our state's
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.


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