NY State Senate Bill 2013-S4878A

Senate Bill S4878A

2013-2014 Legislative Session

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loan

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 28, 2014	referred to small business delivered to assembly passed senate
May 14, 2014	advanced to third reading
May 13, 2014	2nd report cal.
May 12, 2014	1st report cal.604
Mar 28, 2014	print number 4878a
Mar 28, 2014	amend and recommit to corporations, authorities and commissions
Jan 08, 2014	referred to corporations, authorities and commissions
Apr 29, 2013	referred to corporations, authorities and commissions

Votes

- May 28, 2014 - Floor Vote
  S4878A
  
  60
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: May 28, 2014
      
      aye (60)
      
      Addabbo Jr.
      
      Avella
      
      Ball
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Gallivan
      
      Gianaris
      
      Gipson
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Libous
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      O'Brien
      
      O'Mara
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sampson
      
      Sanders Jr.
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Tkaczyk
      
      Valesky
      
      Young
      
      Zeldin
      
      excused (1)
      
      Smith
  May 12, 2014 - Corporations, Authorities And Commissions Committee Vote
  S4878A
  
  5
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Corporations, Authorities And Commissions Committee Vote: May 12, 2014
      
      aye (5)
      
      Flanagan
      
      Larkin
      
      Perkins
      
      Ranzenhofer
      
      Squadron
      
      aye wr (1)
      
      Martins

Bill Amendments

Original

A (Active)

2013-S4878 - Details

Current Committee:: Assembly Small Business
Law Section:: New York State Urban Development Corporation Act
Laws Affected:: Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:: 2011-2012: S7231
2015-2016: S579

2013-S4878 - Summary

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans.

2013-S4878 - Sponsor Memo

2013-S4878 - Bill Text download pdf

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

                                  4878

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 29, 2013
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN ACT to amend the New York state urban development corporation act, in
  relation  to requiring the small business revolving loan fund to issue
  a certain percentage of its remaining principal or  further  appropri-
  ations to micro loans and micro seed loans

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

  Section 1. Subdivision 3 of section 16-t of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small businesses shall be used for the creation and retention  of  jobs,
as  defined  by the corporation, including: (a) working capital; (b) the
acquisition and/or improvement of real property; (c) the acquisition  of
machinery and equipment, property or improvement; or (d) the refinancing
of  debt  obligations. There shall be [two] THREE categories of loans to
small businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL  AMOUNT
LESS  THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a princi-
pal amount [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND  less  than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal  amount not less than twenty-five thousand dollars.  Minority- and
women-owned business enterprises and other small businesses  who  access
such  program  loans  under this subdivision shall not be precluded from
accessing such short-term financing  loans  provided  under  subdivision
eleven  of this section THE CORPORATION SHALL PROVIDE THAT NOT LESS THAN
FIFTEEN PERCENT OF ANY REMAINING PRINCIPAL OR FURTHER  APPROPRIATION  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01898-02-3

S. 4878                             2

THE  FUND ON OR AFTER JULY FIRST, TWO THOUSAND THIRTEEN IS SET ASIDE FOR
MICRO LOANS.  FURTHERMORE THE CORPORATION SHALL PROVIDE  THAT  NOT  LESS
THAN FIVE PERCENT OF ANY REMAINING PRINCIPAL OR FURTHER APPROPRIATION OF
THE  FUND ON OR AFTER JULY FIRST, TWO THOUSAND THIRTEEN IS SET ASIDE FOR
MICRO SEED LOANS. IN YEARS AFTER JULY FIRST, TWO THOUSAND THIRTEEN, WHEN
THERE IS NO REMAINING PRINCIPAL OR THERE IS NO ADDITIONAL APPROPRIATION,
NOT LESS THAN FIFTEEN PERCENT OF ANY  GENERATED  REVENUE  SHALL  BE  SET
ASIDE FOR MICRO LOANS.  FURTHERMORE IN YEARS AFTER JULY FIRST, TWO THOU-
SAND THIRTEEN, WHEN THERE IS NO REMAINING PRINCIPAL OR THERE IS NO ADDI-
TIONAL APPROPRIATION, NOT LESS THAN FIVE PERCENT OF ANY GENERATED REVEN-
UE  SHALL  BE SET ASIDE FOR MICRO SEED LOANS. Prior to receiving program
funds, the lending organization must certify  to  the  corporation  that
such  loan  complies with this section and rules and regulations promul-
gated for the program and that the lending  organization  has  performed
its  obligations pursuant to and is in compliance with this section, the
program rules and regulations and all agreements  entered  into  between
the  corporation  and the lending organization. The program funds amount
used by the lending organization to fund a program applicant loan  shall
not be more than fifty percent of the principal amount of such loan. The
program  funds amount used by the lending organization to fund a program
applicant loan shall not be greater than one hundred  [and]  twenty-five
thousand dollars.
  S 2. This act shall take effect immediately.

co-Sponsors

2013-S4878A (ACTIVE) - Details

Current Committee:: Assembly Small Business
Law Section:: New York State Urban Development Corporation Act
Laws Affected:: Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:: 2011-2012: S7231
2015-2016: S579

2013-S4878A (ACTIVE) - Summary

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans.

2013-S4878A (ACTIVE) - Sponsor Memo

2013-S4878A (ACTIVE) - Bill Text download pdf

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

                                 4878--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 29, 2013
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions  --  recommitted  to  the  Committee on Corporations,
  Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation to requiring the small business revolving loan fund to  issue
  a  certain  percentage of its remaining principal or further appropri-
  ations to micro loans and micro seed loans

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

  Section  1.  Subdivision 3 of section 16-t of section 1 of chapter 174
of the laws of 1968, constituting the New York state  urban  development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small  businesses  shall be used for the creation and retention of jobs,
as defined by the corporation, including: (a) working capital;  (b)  the
acquisition  and/or improvement of real property; (c) the acquisition of
machinery and equipment, property or improvement; or (d) the refinancing
of debt obligations. There shall be [two] THREE categories of  loans  to
small  businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL AMOUNT
LESS THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a  princi-
pal  amount  [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND less than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal amount not less than twenty-five thousand  dollars.    THE  CORPO-
RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING
PRINCIPAL  OR  FURTHER APPROPRIATION OF THE FUND ON OR AFTER JULY FIRST,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01898-04-4

S. 4878--A                          2

TWO THOUSAND FOURTEEN IS SET ASIDE FOR MICRO  LOANS.    FURTHERMORE  THE
CORPORATION SHALL PROVIDE THAT NOT LESS THAN FIVE PERCENT OF ANY REMAIN-
ING  PRINCIPAL  OR  FURTHER  APPROPRIATION  OF THE FUND ON OR AFTER JULY
FIRST, TWO THOUSAND FOURTEEN IS SET ASIDE FOR MICRO SEED LOANS. IN YEARS
AFTER  JULY  FIRST,  TWO  THOUSAND  FOURTEEN, WHEN THERE IS NO REMAINING
PRINCIPAL OR THERE IS NO ADDITIONAL APPROPRIATION, NOT LESS THAN FIFTEEN
PERCENT OF ANY GENERATED REVENUE SHALL BE SET  ASIDE  FOR  MICRO  LOANS.
FURTHERMORE IN YEARS AFTER JULY FIRST, TWO THOUSAND FOURTEEN, WHEN THERE
IS  NO  REMAINING PRINCIPAL OR THERE IS NO ADDITIONAL APPROPRIATION, NOT
LESS THAN FIVE PERCENT OF ANY GENERATED REVENUE SHALL BE SET  ASIDE  FOR
MICRO  SEED  LOANS. Prior to receiving program funds, the lending organ-
ization must certify to the corporation that  such  loan  complies  with
this  section  and rules and regulations promulgated for the program and
that the lending organization has performed its obligations pursuant  to
and  is  in  compliance  with  this section, the program rules and regu-
lations and all agreements entered into between the corporation and  the
lending  organization.  The  program  funds  amount  used by the lending
organization to fund a program applicant loan shall  not  be  more  than
fifty  percent  of  the principal amount of such loan. The program funds
amount used by the lending organization to fund a program applicant loan
shall not  be  greater  than  one  hundred  [and]  twenty-five  thousand
dollars.  Minority- and women-owned business enterprises and other small
businesses  who  access  such program loans under this subdivision shall
not be precluded from accessing such short-term financing loans provided
under subdivision eleven of this section.
  S 2. This act shall take effect immediately.

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