Senate Bill S571

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 - 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-S571 (ACTIVE) - Details

See Assembly Version of this Bill:
A6420
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: S5737, A4212, A7719
2017-2018: S3218, A491
2019-2020: S2296, A1819

2021-S571 (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-S571 (ACTIVE) - Sponsor Memo

2021-S571 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    571
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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