Assembly Bill A6420

Signed By Governor
2021-2022 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 Via S571 - 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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2021-A6420 (ACTIVE) - Details

See Senate Version of this Bill:
S571
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-c, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A8037
2013-2014: A4350
2015-2016: A4212, A7719, S5737
2017-2018: A491, S3218
2019-2020: A1819, S2296

2021-A6420 (ACTIVE) - Summary

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

2021-A6420 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6420
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 17, 2021
                                ___________
 
 Introduced  by  M.  of A. BICHOTTE HERMELYN, PEOPLES-STOKES -- read once
   and referred to the Committee on Economic Development
 
 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. Subparagraph (vii) of paragraph (c)  of  subdivision  1  of
 section 16-c of section 1 of chapter 174 of the laws of 1968, constitut-
 ing  the  urban  development corporation act, as amended by section 1 of
 part AA of chapter 55 of the  laws  of  2014,  is  amended  to  read  as
 follows:
   (vii)  refinancing  of  debt  or  equity  invested in an enterprise or
 project, UNLESS THE CHAIRPERSON OF THE CORPORATION FINDS  THE  TERMS  OF
 THE ORIGINAL DEBT TO BE UNREASONABLE AS PROVIDED IN SUBPARAGRAPH (IX) OF
 PARAGRAPH (D) OF THIS SUBDIVISION.
   §  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.

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