Senate Bill S5782

Signed By Governor
2011-2012 Legislative Session

Relates to the capital access program; provides for a new technology seed fund

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

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

2011-S5782 (ACTIVE) - Details

See Assembly Version of this Bill:
A8452
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-k, add §16-u, UDC Act

2011-S5782 (ACTIVE) - Summary

Relates to the capital access program; provides for a new Innovate NY fund.

2011-S5782 (ACTIVE) - Sponsor Memo

2011-S5782 (ACTIVE) - Bill Text download pdf

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

                                  5782

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 16, 2011
                               ___________

Introduced  by Sen. ALESI -- (at request of the Empire State Development
  Corporation) -- read twice and ordered printed, and when printed to be
  committed to the Committee on Finance

AN ACT to amend the New York state urban development corporation act, in
  relation to the capital access program and to provide for a new  Inno-
  vate NY fund; and making appropriations for the support of government

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

  Section 1.  Section 16-k of section 1 of chapter 174 of  the  laws  of
1968, constituting the New York state urban development corporation act,
as  added  by section 1 of part J of chapter 413 of the laws of 1999, is
amended to read as follows:
  S 16-k. Capital access program. 1. Definitions.  For the  purposes  of
this section:
  (a)  "Financial  institution",  means any bank, trust company, savings
bank, savings and loan association or cooperative bank chartered by  the
state  or  any  national  banking  association, federal savings and loan
association or federal savings bank OR ANY COMMUNITY DEVELOPMENT  FINAN-
CIAL  INSTITUTION  OR  COMMUNITY-BASED  LENDING  ORGANIZATION; provided,
however, that the financial institution has its principal office located
in the state.
  (b) "Participating financial institution"  shall  mean  any  financial
institution participating in the program established by this section.
  (c)  "Small  business"  shall  have  the  same meaning as set forth in
section 131 of the economic development  law,  whose  primary  place  of
business is in New York state.
  2. (a) The corporation, or its agent, shall establish a capital access
program  to  provide a loan loss reserve to assist small businesses that
otherwise find it difficult to obtain regular bank financing.
  (b)(i) Assistance [from this] UNDER THE CAPITAL ACCESS  program  shall
be  provided for a capital access program under which the corporation or

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13170-01-1
              

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.