Assembly Bill A10561

2011-2012 Legislative Session

Relates to small business revolving loan funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A10561 (ACTIVE) - Details

Current Committee:
Assembly Small Business
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2013-2014: A2354
2015-2016: A4116

2011-A10561 (ACTIVE) - Summary

Relates to small business revolving loan funds.

2011-A10561 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10561

                          I N  A S S E M B L Y

                              June 5, 2012
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of M. of A. Scarborough)
  -- read once and referred to the Committee on Small Business

AN ACT to amend the New York state urban development corporation act, in
  relation to small business revolving loan funds

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 16-t of 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 subdivision 3-a to read as follows:
  3-A. (A) FUNDS APPROPRIATED TO THE SMALL BUSINESS REVOLVING LOAN  FUND
ON  OR  AFTER  APRIL 1, 2012 SHALL BE USED FOR THE PURPOSES SET FORTH IN
THIS SECTION NOTWITHSTANDING THE LIMITATIONS SET FORTH IN SECTIONS SEVEN
THROUGH TEN OF THIS ACT.
  (B) SUCH FUNDS MAY BE USED FOR PROGRAM LOANS TARGETED AND MARKETED  TO
PROVIDE  SHORT-TERM  FINANCING  TO  MINORITY-  AND  WOMEN-OWNED BUSINESS
ENTERPRISES  AND  SMALL  BUSINESSES  PERFORMING  CONTRACTS  TO   PROVIDE
CONSTRUCTION  OR  PROFESSIONAL  SERVICES FOR STATE PROCUREMENT PURPOSES.
SUCH LOANS SHALL BE USED TO UNDERWRITE THE COST OF LABOR, MATERIALS, AND
EQUIPMENT DIRECTLY ASSOCIATED WITH  THE  CONTRACT  BEING  FINANCED.  THE
PROGRAM  FUNDS AMOUNT USED BY THE LENDING ORGANIZATION TO FUND A PROGRAM
APPLICANT LOAN SHALL NOT BE MORE THAN EIGHTY PERCENT  OF  THE  PRINCIPAL
AMOUNT OF SUCH LOAN. THE PROGRAM FUNDS AMOUNT USED BY THE LENDING ORGAN-
IZATION  TO FUND A PROGRAM APPLICANT LOAN SHALL NOT BE GREATER THAN FIVE
HUNDRED THOUSAND DOLLARS.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16110-01-2

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