What's happening
This bill expands reporting and transparency requirements for New York's urban development revolving loan programs, mandating annual reports and online publication of program data.
Why it matters
Increases accountability for how loan funds are used. By requiring detailed annual reports from lending organizations—including information on loan amounts, job creation or retention, use of proceeds, and fund balances—the bill seeks to ensure that public funds are supporting their intended economic development goals.
Expands public access to program information. Mandating that the annual reports be published online provides greater transparency for taxpayers, businesses, and community groups, enabling public scrutiny and fostering trust in the management of development programs.
Standardizes reporting across multiple programs. The bill applies consistent reporting and transparency requirements to various urban development loan and grant programs, making it easier to compare effectiveness and outcomes across regions and initiatives.
Preserves terms of existing contracts. By specifying that obligations already in place before the law’s passage will remain under their original terms, the bill avoids disrupting ongoing projects while improving oversight for future agreements.
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Who cares
Headline styles
Expand Loan Fund Oversight
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by A4253
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1293
- 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.
Expand Loan Fund Transparency
Signed by Governor · Sponsor Fred Thiele
Full text
4 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
S. 4046 A. 4253
2017-2018 Regular Sessions
SENATE - ASSEMBLY
February 2, 2017
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions
IN ASSEMBLY -- 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 the regional revolving loan program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 16-a of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new subdivision 3-a to read as follows:
(3-a) Notwithstanding subdivision three of this section, where applicable, the corporation is authorized to enter into agreements as may be necessary for the administration and reporting of funds repaid, received, expended or collected in a manner consistent with the provisions in section sixteen-t of this act. The use of such funds by the corporation shall be consistent with the terms, conditions and restrictions set forth in subdivision four of this section, to provide financial assistance to eligible regional corporations as defined in subdivision eighteen of section three of this act. Outstanding expenses, loans and other obligations executed prior to the effective date of this subdivision shall be subject to the terms and conditions of the original contract or contracts.
§ 2. Subdivision 20 of section 16-a of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, as amended by chapter 524 of the laws of 2005, is amended to read as follows:
(20) Reporting. (a) The lending organization shall submit to the corporation annual reports stating: the number of program loans made;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04124-01-7
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the amount of program funding used for loans; the use of loan proceeds by the borrower; the number of jobs created or retained; a description of the economic development generated; the status of each outstanding program loan, including fund balance; and such other information as the corporation may require.
(b) The corporation shall, on or before October 1, 1988 and on or before each October first thereafter, submit a report to the governor and the legislature on the operations and accomplishments of the regional revolving loan program. Such report shall include a summary of the information contained in the reports submitted pursuant to subdivision sixteen of this section and of the results of the audits performed by the corporation pursuant to subdivision nineteen of this section, and shall set forth the status of the regional revolving loan program for the previous fiscal year, including grants to the regional corporations, earnings and account balances as reported to the corporation. The report to be submitted on October 1, 2005 and on or before each October first thereafter shall be consolidated with the annual program report of the corporation required under the provisions of subdivision (b) of section thirty of this act, as amended.
(c) Beginning January 1, 2018, notwithstanding any law to the contrary, the corporation shall publish on its website annual reports required under paragraphs (a) and (b) of this subdivision.
§ 3. Subdivision 2 of section 16-c of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new paragraph (i) to read as follows:
(i) Notwithstanding any other provisions of this subdivision, where applicable, the corporation is authorized to enter into agreements as may be necessary for the administration and reporting of funds repaid, received, expended or collected in a manner consistent with the provisions in section sixteen-t of this act. The use of such funds by the corporation shall be consistent with the terms, conditions and restrictions set forth under this subdivision, to provide financial assistance to eligible businesses as defined in subdivisions three and five of section two hundred ten of the economic development law. Outstanding expenses, loans and other obligations executed prior to the effective date of this paragraph shall be subject to the terms and conditions of the original contract or contracts.
(i) The lending organization shall submit to the corporation annual reports stating: the number of program loans made; the amount of program funding used for loans; the use of loan proceeds by the borrower; the number of jobs created or retained; a description of the economic development generated; the status of each outstanding program loan, including fund balance; and such other information as the corporation may require.
(ii) Beginning January 1, 2018, notwithstanding any law to the contrary, the corporation shall publish on its website annual reports required under subparagraph (i) of this paragraph.
§ 4. Subdivision 3 of section 16-c of section 1 of chapter 174 of the laws of 1968 constituting the New York state urban development corporation act, is amended by adding two new paragraphs (d) and (e) to read as follows:
(d) Notwithstanding any other provisions of this subdivision, where applicable, the corporation is authorized to enter into agreements as may be necessary for the administration and reporting of funds repaid, received, expended or collected in a manner consistent with the provisions in section sixteen-t of this act. The use of such funds by the corporation shall be consistent with the terms, conditions and
S. 4046 3 A. 4253
restrictions set forth under this subdivision, to provide financial assistance to eligible businesses as defined in subdivisions three and five of section two hundred ten of the economic development law. Outstanding expenses, loans and other obligations executed prior to the effective date of this paragraph shall be subject to the terms and conditions of the original contract or contracts.
(e)(i) The lending organization shall submit to the corporation annual reports stating: the number of program loans made; the amount of program funding used for loans; the use of loan proceeds by the borrower; the number of jobs created or retained; a description of the economic development generated; the status of each outstanding program loan, including fund balance; and such other information as the corporation may require.
(ii) Beginning January 1, 2018, notwithstanding any law to the contrary, the corporation shall publish on its website annual reports required under subparagraph (i) of this paragraph.
§ 5. Subdivision 8 of section 16-d of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding two new paragraphs (g-1) and (k-1) to read as follows:
(g-1) Notwithstanding any other provision in this subdivision, where applicable, the corporation is authorized to enter into agreements as may be necessary for the administration and reporting of funds repaid, received, expended or collected in a manner consistent with the provisions in section sixteen-t of this act. The use of such funds by the corporation shall be consistent with the terms, conditions and restrictions set forth in this section, to provide financial assistance to eligible entities as designated under this subdivision. Outstanding expenses, loans and other obligations executed prior to the effective date of this paragraph shall be subject to the terms and conditions of the original contract or contracts.
(k-1) Notwithstanding any other provision in this subdivision, where applicable, the corporation is authorized to enter into agreements as may be necessary for the administration and reporting of funds repaid, received, expended or collected in a manner consistent with the provisions in section sixteen-t of this act. The use of such funds by the corporation shall be consistent with the terms, conditions and restrictions set forth in this section, to provide financial assistance to eligible entities as designated under this subdivision. Outstanding expenses, loans and other obligations executed prior to the effective date of this paragraph shall be subject to the terms and conditions of the original contract or contracts.
§ 6. Subdivision 14 of section 16-d of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new paragraph (c) to read as follows:
(c) (i) The lending organization shall submit to the corporation annual reports stating: the number of program loans made; the amount of program funding used for loans; the use of loan proceeds by the borrower; the number of jobs created or retained; a description of the economic development generated; the status of each outstanding program loan, including fund balance; and such other information as the corporation may require.
(ii) Beginning January 1, 2018, notwithstanding any law to the contrary, the corporation shall publish on its website annual reports required under this paragraph and paragraphs (a) and (b) of this subdivision.
§ 7. Subdivision 14 of section 16-t of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corpo-
S. 4046 4 A. 4253
ration act, as amended by section 1 of part II of chapter 59 of the laws of 2013, is amended and a new subdivision 14-a is added to read as follows:
14. The lending organization shall submit to the corporation annual reports stating: the number of program loans made; the amount of program funding used for loans; the use of loan proceeds by the borrower; the number of jobs created or retained; a description of the economic development generated; the status of each outstanding program loan, including fund balance; and such other information as the corporation may require.
14-a. Beginning January 1, 2018, notwithstanding any law to the contrary, the corporation shall publish on its website annual reports required under subdivision fourteen of this section.
§ 8. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
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
2015-16: A.7517-A/S.5494-A 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.
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