What's happening
This bill requires quarterly and annual public reporting on loan program activity and outcomes by the New York State Urban Development Corporation.
Why it matters
Increased transparency. By mandating detailed, regular disclosures—including application numbers, approval/denial rates, repayment/default rates, and intended loan uses—this bill aims to give the public and policymakers a clearer picture of how the state’s loan programs are functioning.
Accountability for outcomes. The required annual performance reports must include metrics on job creation/retention and whether loans leveraged additional funding, pushing the Corporation to demonstrate the real-world economic impacts of its programs, not just financial activity.
Public access to information. All data and reports must be published on the Corporation’s website, making it easier for citizens, journalists, and oversight bodies to scrutinize the effectiveness and management of loan funds.
Potential for program improvement. By systematically collecting and releasing this data, the Corporation and lawmakers can identify trends, challenges, or inefficiencies in loan distribution and outcomes, supporting evidence-based reforms or policy adjustments.
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Who cares
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Require Lending Reports Online
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Sponsors
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History
- Referred to small business
- Referred to small business
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2752
2017-2018 Regular Sessions
IN ASSEMBLY
January 23, 2017
Introduced by M. of A. THIELE -- read once and referred to the Committee on Small Business
AN ACT to amend the New York state urban development corporation act, in relation to required reporting; and repealing certain provisions of such law relating thereto
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 14 of section 16-t of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act is REPEALED and a new subdivision 14 is added to read as follows:
14. (a) Starting September 1, 2017, and on a quarterly basis thereafter, the lending organization shall submit programs status updates to the corporation stating: the number of applicants for program loan funds; the number of applications approved and denied; the number of loans made and the amounts approved; the status of outstanding loans, including the rate of repayment and default on such loans; the intended use of the loan by borrowers; and, any other information that the corporation deems necessary. Such data shall be published quarterly on the corporation's website.
(b) Starting January 1, 2018 and annually thereafter, the corporation must submit a performance report, which shall include a compilation of data collected pursuant to paragraph (a) of this subdivision; a description of the economic development generated, including the number of jobs created and/or retained and whether borrowers used such loans to leverage additional funding; the status of the loan fund, including the fund balance; and, any other information that the corporation deems necessary and appropriate. Such report shall be made available on the corporation's website.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08417-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.