Assembly Bill A968

Signed By Governor
2023-2024 Legislative Session

Restricts the use of funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing commercial or business related debt

download bill text pdf

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Current 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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2023-A968 (ACTIVE) - Details

See Senate Version of this Bill:
S1356
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-c, UDC Act (as proposed in S.571 & A.6420)

2023-A968 (ACTIVE) - Summary

Restricts the use of funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing commercial or business related debt.

2023-A968 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    968
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced  by  M.  of A. BICHOTTE HERMELYN -- 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 a chapter of
 the laws of 2022 amending the urban development corporation act relating
 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, as proposed in legislative  bills
 numbers S.571 and A. 6420, is amended to read as follows:
   (vii)  refinancing  of  COMMERCIAL  OR BUSINESS RELATED debt or equity
 invested in [an] A COMMERCIAL OR BUSINESS RELATED enterprise or  COMMER-
 CIAL OR BUSINESS RELATED project, unless [the chairperson of] the corpo-
 ration  finds  the  terms  of  the  original  debt to be unreasonable as
 provided in subparagraph (ix) of paragraph (d) of this subdivision.
   § 2. Subparagraph (ix) of paragraph (d) of subdivision  1  of  section
 16-c  of  section 1 of chapter 174 of the laws of 1968, constituting the
 urban development corporation act,  as added by a chapter of the laws of
 2022 amending the urban development corporation act relating  to  allow-
 ing businesses  to  use  funds  received  from  the minority and  women-
 owned  business  development  and lending program for   the  purpose  of
 refinancing existing debt, as  proposed  in  legislative  bills  numbers
 S.571 and A. 6420, is amended to read as follows:
   (ix)  provide  for  the  refinancing of COMMERCIAL OR BUSINESS RELATED
 debt or equity invested in an enterprise or project, provided that  [the

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04148-01-3

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