Assembly Bill A8452

Signed By Governor
2011-2012 Legislative Session

Relates to the capital access program; provides for a new technology seed fund

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S5782 - Signed by Governor


  • 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-A8452 (ACTIVE) - Details

See Senate Version of this Bill:
S5782
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-k, add §16-u, UDC Act

2011-A8452 (ACTIVE) - Summary

Relates to the capital access program; provides for a new Innovate NY fund.

2011-A8452 (ACTIVE) - Bill Text download pdf

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

                                  8452

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 16, 2011
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER, SCARBOROUGH, LUPARDO, GABRYSZAK,
  MORELLE -- Multi-Sponsored by -- M.  of  A.  BRONSON,  RAMOS,  REILLY,
  ROBERTS,  RUSSELL, SPANO, ZEBROWSKI -- (at request of the Empire State
  Development) -- read once and referred to the  Committee  on  Economic
  Development

AN ACT to amend the New York state urban development corporation act, in
  relation  to the capital access program and to provide for a new Inno-
  vate NY fund; and making appropriations for the support of government

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

  Section  1.    Section 16-k of section 1 of chapter 174 of the laws of
1968, constituting the New York state urban development corporation act,
as added by section 1 of part J of chapter 413 of the laws of  1999,  is
amended to read as follows:
  S  16-k.  Capital access program. 1. Definitions.  For the purposes of
this section:
  (a) "Financial institution", means any bank,  trust  company,  savings
bank,  savings and loan association or cooperative bank chartered by the
state or any national banking  association,  federal  savings  and  loan
association  or federal savings bank OR ANY COMMUNITY DEVELOPMENT FINAN-
CIAL INSTITUTION  OR  COMMUNITY-BASED  LENDING  ORGANIZATION;  provided,
however, that the financial institution has its principal office located
in the state.
  (b)  "Participating  financial  institution"  shall mean any financial
institution participating in the program established by this section.
  (c) "Small business" shall have the  same  meaning  as  set  forth  in
section  131  of  the  economic  development law, whose primary place of
business is in New York state.
  2. (a) The corporation, or its agent, shall establish a capital access
program to provide a loan loss reserve to assist small  businesses  that
otherwise find it difficult to obtain regular bank financing.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
A                                                          LBD13170-01-1
              

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