Assembly Bill A4212

2015-2016 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

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • 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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2015-A4212 (ACTIVE) - Details

See other versions of this Bill:
A7719 ,
S5737 ,
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2017-2018: A491
2019-2020: A1819
2021-2022: A6420

2015-A4212 (ACTIVE) - Summary

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

2015-A4212 (ACTIVE) - Bill Text download pdf

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

                                  4212

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  M.  of  A. SCARBOROUGH -- Multi-Sponsored by -- M. of A.
  TENNEY -- read once and referred to the Committee on Economic Develop-
  ment

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. Subparagraphs (vi) and (vii) of paragraph (c)  of  subdivi-
sion  1 of section 16-c of section 1 of chapter 174 of the laws of 1968,
constituting the  urban  development  corporation  act,  as  amended  by
section  1  of part AA of chapter 55 of the laws of 2014, are amended to
read as follows:
  (vi) overnight lodging facilities[;
  (vii) refinancing of debt or  equity  invested  in  an  enterprise  or
project].
  S  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
financial support to foster the development of new  and  emerging  ideas
and  products  of minority- and women-owned business enterprises as well

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08086-01-5
              

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