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History
- Referred to finance
- Referred to finance
Companion bill
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Creates the New York state community service loan board; appropriation
In Assembly Committee · Governmental Operations · Sponsor Walter T. Mosley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1886
Title of bill
An act to amend the executive law, in relation to creating the New York state community service loan board and making an appropriation therefor
Summary
This bill would add a new Article 26-C to the New York State Community Loan Board. The Board, chaired by the Secretary of state, would be empowered to make zero interest loans. The loans are made to those groups who do business with the State of New York and have experienced financial problems because of the failure of the appropriate state agency to fund the group in a timely manner. The Board would be empowered to provide such groups with a zero interest loan, with the expectation that the loan would be repaid when the grant becomes available. In order to apply for such a loan, groups would be required to produce proof of a pending contract with a state agency. Loans are restricted to not-for-profit organizations whose total annual budget is not greater than 1.5 million dollars.
The Board would have the authority to promulgate additional rules and regulations, with the agreement that the application form is not to exceed two pages. In the event an organization fails to repay a loan, the balance would be collected by the Board and the amount would be deducted from the grant itself. Any organization that fails to repay its loan would be prevented from receiving additional grants from the state for a period of two years.
Justification
Organizations doing business with New York state, particularly not-for-profit corporations, routinely run into serious contract year and the beginning of a new contract year. Problems also occur in delivering checks to these groups during the regular course of the contract period. The nature of these organizations often is such that these funds may be one of few, or the sole source of income for the organization. It is imperative that state agencies disburse funds in a timely fashion. However, when timeliness is an issue, these 0% interest loans should be available to assist the organizations that provide vital services to our most vulnerable populations.
Legislative history
2013-2014: S.2956 - Finance 2011-2012: S.6212 - Finance 2009-2010: S.341 - Finance 2007-2008: S.1041 - Finance 2005-2006: S.353 - Finance 2003-2004: S.3547 - Finance 2001-2002: S.268 - Finance 1999-2000: S.276 - Finance; Discharged; died in Corporations, Authorities & Commissions
Fiscal implication
$100,000 from the State Treasury.
Effective date
This act shall take effect on the first of October next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.