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

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

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
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.