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History
- Print number 5494a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the administration of the regional revolving loan fund program
In Senate Committee · Corporations, Authorities And Commissions · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the New York state urban development corporation act, in relation to the regional revolving loan program
Purpose of bill
This bill would allow the Empire State Development Corporation (ESDC) to administer the Regional Revolving Loan Trust Fund Program, Minority and Women Revolving Loan Trust Fund Program, Micro Enterprise Revolving Loan Trust Fund and Commercial District Revolving Loan Trust fund in a manner consistent with the small business revolving loan fund program.
Summary of provisions
Section 1 of the bill would amend § 16-a of the Urban Development Corporation Act (UDC) by adding a new subdivision 3-a that would authorize the Empire State Development (ESDC) to administer the Regional Revolving Loan Trust Fund Program in a manner consistent with the small business revolving loan fund program.
Section 2 of the bill would amend § 16-a (20) of the UDC to require the ESDC to submit annual reports relating to the Regional Revolving Loan Trust Fund Program and post them on their websites.
Section 3 of the bill would amend § 16-c of the UDC by adding a new paragraph (i) that would authorize the ESDC to administer the Minority and Women Revolving Loan Trust Fund Program in a manner consistent with the small business revolving loan fund program.
Section 4 of the bill would amend subdivision three of § 16-c of the UDC by adding two new paragraphs (d) and (e) that would authorize the ESDC to administer the Micro Enterprise Revolving Loan Trust Fund in a manner consistent with the small business revolving loan fund program and to submit annual reports.
Section 5 of the bill would amend subdivision 8 of § 16-d of the UDC is amended by adding two new paragraphs (g-1) and (k-1) that would authorize the ESDC to administer the Commercial District Revolving Loan Trust fund in a manner consistent with the small business revolving loan fund program.
Section 6 of the bill would amend subdivision 14 of § 16-d of the UDC is amended by a new paragraph (c) that would require the ESDC to submit annual reports relating to Commercial District Revolving Loan Trust fund and post them on their websites.
Section 7 of the bill would amend subdivision 14 of § 16-t of the UDC to require the ESDC to submit annual reports relating to the Small Business Revolving Loan fund Program and post them on their websites.
Section 8 of this bill is the effective date.
Prior legislative history
2015: A.7517/S.5494 2014: A.10065
Statement in support
This bill would allow the ESDC to administer the Regional Revolving Loan Trust Fund Program, Minority and Women Revolving Loan Trust Fund Program, Micro Enterprise Revolving Loan Trust Fund and Commercial District Revolving Loan Trust fund in a manner consistent with the small business revolving loan fund program. This will allow ESDC greater flexibility to structure transactions that more closely meet changing market requirements, while still servicing the types of businesses that all of the Revolving Loan Fund Programs are intended to benefit.
Fiscal implications
None to the State.
Effective date
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.