Increases from $1,000,000 to $2,000,000, the aggregate of linked loans that an agricultural project may receive during the linked loan program; provides that the linked deposit for a linked loan shall be for a period of not more than 6 years.

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A415-2011 Actions

• Jan 4, 2012: referred to economic development
• Jan 5, 2011: referred to economic development

A415-2011 Text

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

                                     415

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                                 (PREFILED)

                               January 5, 2011
                                 ___________

  Introduced by M. of A. MAGEE, P. RIVERA -- read once and referred to the
    Committee on Economic Development, Job Creation, Commerce and Industry

  AN  ACT  to  amend  the state finance law, in relation to increasing the
    aggregate amount of linked loans an agricultural project  may  receive
    and the term of a linked deposit

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


    Section 1. Section 217 of the state finance law, as amended by chapter
  291 of the laws of 2004, is amended to read as follows:

    S 217. Linked loans. Linked loans shall be made by lenders pursuant to
  the program only to eligible  businesses  in  connection  with  eligible
  projects.  A  linked  loan  shall  be limited to a maximum amount of one
  million dollars. An eligible business may receive more than  one  linked
  loan.  During  the  life of the linked loan program, the total amount of
  money that a business can borrow from the linked program is TWO  MILLION
  DOLLARS  FOR  LOANS  WITH AN AGRICULTURE PURPOSE AND one million dollars
  FOR ALL OTHER LOANS.  The credit decision for making a linked loan shall
  be made solely by the lender. Notwithstanding the length of the term  of
  a  linked  loan, the linked deposit relating to the linked loan shall be
  for a period of not more than SIX YEARS FOR THOSE LOANS WITH AN AGRICUL-
  TURE PURPOSE AND four years FOR ALL OTHER LOANS.
    S 2.  This act shall take effect immediately.



   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD03557-01-1