Senate Bill S7865

2015-2016 Legislative Session

Eliminates the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Finance 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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2015-S7865 (ACTIVE) - Details

See Assembly Version of this Bill:
A9774
Current Committee:
Senate Finance
Law Section:
Executive Law
Laws Affected:
Amd §314, Exec L
Versions Introduced in 2017-2018 Legislative Session:
S3018, S7243, A2819

2015-S7865 (ACTIVE) - Summary

Eliminates the requirement that certain minority and women-owned business enterprise owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification as a certified minority and women-owned business enterprise; clarifies that an individual's net worth is to be considered in determining eligibility for certification under article 15-A of the executive law.

2015-S7865 (ACTIVE) - Sponsor Memo

2015-S7865 (ACTIVE) - Bill Text download pdf 

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

                                  7865

                            I N  S E N A T E

                              May 18, 2016
                               ___________

Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the  executive  law,  in  relation  to  eliminating  the
  requirement  that certain minority and women-owned business enterprise
  owners have a personal net worth  of  less  than  three  million  five
  hundred  thousand dollars in order to obtain certification as a quali-
  fying minority and women-owned  business  enterprise;  and  clarifying
  that  an individual's net worth is not to be considered in determining
  eligibility for certification under Article 15-A of the executive law

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

  Section  1.  Subparagraphs  (v),  (vi)  and  (vii) of paragraph (a) of
subdivision 2-a of section 314 of the executive law, as amended by chap-
ter 175 of the laws of 2010, are amended to read as follows:
  (v) be subject to a physical site inspection to verify  the  fifty-one
percent ownership requirement; AND
  (vi)[be  owned  by  an  individual  or  individuals,  whose ownership,
control and operation are relied upon for certification, with a personal
net worth that does not  exceed  three  million  five  hundred  thousand
dollars,  as  adjusted  annually for inflation according to the consumer
price index; and
  (vii)] be an enterprise that is a small business pursuant to  subdivi-
sion twenty of section three hundred ten of this article.
  S 2. Notwithstanding any rule, regulation or  guideline to the contra-
ry, the personal net worth of an individual or individuals, whose owner-
ship, control and operation are relied upon for certification of a busi-
ness  as  a  certified  minority  and  women-owned  business  enterprise
pursuant to the provisions of article 15-A of the  executive  law  shall
not  be taken into account in determining certification under such arti-
cle.
  S 3. This act shall take effect immediately; provided,  however,  that
the  amendments  to section 314 of the executive law made by section one
of this act shall not affect the expiration of such section and shall be
deemed expired therewith.

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

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