Senate Bill S4359

2013-2014 Legislative Session

Relates to the small business revolving loan fund program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

  • 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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2013-S4359 (ACTIVE) - Details

See Assembly Version of this Bill:
A6916
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in 2015-2016 Legislative Session:
S4828

2013-S4359 (ACTIVE) - Summary

Relates to the small business revolving loan fund program.

2013-S4359 (ACTIVE) - Sponsor Memo

2013-S4359 (ACTIVE) - Bill Text download pdf 

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

                                  4359

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 21, 2013
                               ___________

Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel-
  opment)  --  read  twice  and  ordered printed, and when printed to be
  committed to the Committee on Corporations,  Authorities  and  Commis-
  sions

AN  ACT  to  amend the urban development corporation act, in relation to
  the small business revolving loan fund program

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

  Section  1.    Section 16-t of section 1 of chapter 174 of the laws of
1968, constituting the urban development corporation act, is amended  by
adding a new subdivision 16 to read as follows:
  (16) AS PROVIDED IN THIS SUBDIVISION, THE CORPORATION IS AUTHORIZED TO
REALLOCATE  TO  THE PROGRAM FUNDS FROM THE REGIONAL REVOLVING LOAN TRUST
FUND, THE MINORITY AND WOMEN REVOLVING LOAN TRUST FUND, THE MICRO ENTER-
PRISE REVOLVING LOAN TRUST FUND AND THE  COMMERCIAL  DISTRICT  REVOLVING
LOAN  TRUST  FUND.  FOR  PROGRAM LOANS MADE WITH SUCH REALLOCATED FUNDS:
(A) LOANS PROVIDED WITH FUNDS REALLOCATED FROM THE  MINORITY  AND  WOMEN
REVOLVING  LOAN TRUST FUND SHALL BE TO MINORITY BUSINESS ENTERPRISES, AS
DEFINED IN SUBDIVISION THREE OF SECTION TWO HUNDRED TEN OF THE  ECONOMIC
DEVELOPMENT  LAW,  AND  WOMEN-OWNED  BUSINESS ENTERPRISES, AS DEFINED IN
SUBDIVISION FIVE OF SECTION TWO HUNDRED TEN OF THE ECONOMIC  DEVELOPMENT
LAW; (B) LOANS PROVIDED WITH FUNDS REALLOCATED FROM THE MICRO ENTERPRISE
REVOLVING  LOAN  TRUST  FUND  SHALL  BE MICROLOANS EQUAL TO OR LESS THAN
SEVEN THOUSAND DOLLARS TO MINORITY BUSINESS ENTERPRISES, AS  DEFINED  IN
SUBDIVISION THREE OF SECTION TWO HUNDRED TEN OF THE ECONOMIC DEVELOPMENT
LAW,  AND  WOMEN-OWNED  BUSINESS  ENTERPRISES, AS DEFINED IN SUBDIVISION
FIVE OF SECTION TWO HUNDRED TEN OF THE  ECONOMIC  DEVELOPMENT  LAW;  (C)
LOANS  PROVIDED  WITH  FUNDS  REALLOCATED  FROM  THE COMMERCIAL DISTRICT
REVOLVING LOAN TRUST FUND SHALL BE TO RETAIL BUSINESS WITHIN  A  COMMER-
CIAL  DISTRICT;  (D) TO THE EXTENT FEASIBLE, THE CORPORATION SHALL APPLY
THE REALLOCATED FUNDS FROM THE REGIONAL REVOLVING  LOAN  TRUST  FUND  SO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08437-01-3

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