senate Bill S571

2021-2022 Legislative Session

Allows businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt

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Sponsored By

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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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 10, 2021 referred to economic development
delivered to assembly
passed senate
Feb 22, 2021 advanced to third reading
Feb 10, 2021 2nd report cal.
Feb 09, 2021 1st report cal.319
Jan 06, 2021 referred to corporations, authorities and commissions

Votes

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Feb 9, 2021 - Corporations, Authorities and Commissions committee Vote

S571
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Feb 9, 2021

Co-Sponsors

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S571 (ACTIVE) - Details

See Assembly Version of this Bill:
A6420
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2015-2016: S5737, A4212, A7719
2017-2018: S3218, A491
2019-2020: S2296, A1819

S571 (ACTIVE) - Summary

Allows businesses to use funds received from the minority- and women-owned business development and lending program for the purpose of refinancing existing debt.

S571 (ACTIVE) - Sponsor Memo

S571 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    571
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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
   allowing businesses to  use  funds  received  from  the  minority  and
   women-owned  business  development and lending program for the purpose
   of refinancing existing debt
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (vii)  of paragraph (c) of subdivision 1 of
 section 16-c of section 1 of chapter 174 of the laws of 1968, constitut-
 ing the urban development corporation act, as amended by  section  1  of
 part  AA  of  chapter  55  of  the  laws  of 2014, is amended to read as
 follows:
   (vii) refinancing of debt or  equity  invested  in  an  enterprise  or
 project,  UNLESS  THE  CHAIRPERSON OF THE CORPORATION FINDS THE TERMS OF
 THE ORIGINAL DEBT TO BE UNREASONABLE AS PROVIDED IN SUBPARAGRAPH (IX) OF
 PARAGRAPH (D) OF THIS SUBDIVISION.
   § 2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision  1
 of section 16-c of section 1 of chapter 174 of the laws of 1968, consti-
 tuting  the  urban  development  corporation  act, subparagraph (vii) as
 amended and subparagraph (viii) as added by section  1  of  part  AA  of
 chapter  55 of the laws of 2014, are amended and a new subparagraph (ix)
 is added to read as follows:
   (vii) establish a comprehensive technical assistance program in  coop-
 eration  with the department of economic development to assist minority-
 and women-owned businesses and potential minority  and  women-entrepren-
 eurs; [and]
   (viii) notwithstanding any provision of law to the contrary, establish
 a minority- and women-owned business investment fund to provide critical

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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