What's happening
This bill updates reporting requirements for the regional revolving loan program and mandates public reporting in aggregate form without borrower details.
Why it matters
Increases transparency. by requiring the publication of regional revolving loan program data online, helping the public and policymakers better understand how funds are used and the program’s impact.
Protects borrower privacy. by mandating that published reports only present data in aggregate form, explicitly omitting any information that could identify individual borrowers.
Standardizes and clarifies reporting requirements. for lending organizations, ensuring consistent data collection on key metrics such as jobs created/retained and fund balances, but removing the previous requirement to describe the specific economic development generated.
Delays implementation date. for public reporting from January 2018 to April 2019, giving involved organizations more time to adjust to the new requirements and update their reporting systems.
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Who cares
Headline styles
Publish Loan Program Data
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Signed chap.378
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.879
- Substituted for A8935
- Referred to small business
- Delivered to assembly
- Passed senateVote 59–1
- Ordered to third reading cal.27
- Referred to rules
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.
Make Loan Reports Public
Assembly Floor Calendar · Sponsor Fred Thiele
Full text
3 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7299
IN SENATE
January 5, 2018
Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
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. 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 a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S. 4046 and A. 4253, 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; 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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04124-02-8
S. 7299 2
(c) Beginning [January] April 1, [2018] 2019, [notwithstanding any law to the contrary,] the corporation shall publish on its website the information contained in the annual reports required under paragraphs (a) and (b) of this subdivision in aggregate form omitting borrower identifiable information.
§ 2. Subparagraphs (i) and (ii) of paragraph (i) of 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, as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S. 4046 and A. 4253, are amended to read as follows:
(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] April 1, [2018] 2019, [notwithstanding any law to the contrary,] the corporation shall publish on its website the information contained in the annual reports required under subparagraph (i) of this paragraph in aggregate form omitting borrower identifiable information.
§ 3. Paragraph (e) of 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, as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S. 4046 and A. 4253, is amended to read as follows:
(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] April 1, [2018] 2019, [notwithstanding any law to the contrary,] the corporation shall publish on its website the information contained in the annual reports required under subparagraph (i) of this paragraph in aggregate form omitting borrower identifiable information.
§ 4. Paragraph (c) of 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, as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S. 4046 and A. 4253, is amended 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.
S. 7299 3
(ii) Beginning [January] April 1, [2018] 2019, [notwithstanding any law to the contrary,] the corporation shall publish on its website the information contained in the annual reports required under this paragraph and paragraphs (a) and (b) of this subdivision in aggregate form omitting borrower identifiable information.
§ 5. Subdivisions 14 and 14-a of section 16-t of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, subdivision 14 as amended and subdivision 14-a as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S. 4046 and A. 4253, are amended 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] April 1, [2018] 2019, [notwithstanding any law to the contrary,] the corporation shall publish on its website the information contained in the annual reports required under subdivision fourteen of this section in aggregate form omitting borrower identifiable information.
§ 6. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S. 4046 and A. 4253, takes effect.
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 adjust from January 2018 to April 1, 2019 the date upon which the New York State Empire State Development Corporation (ESDC) shall publish annual reports relating to 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 program.
Summary of provisions
This bill would amend 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 a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program; amend subparagraphs (i) and (ii) of paragraph (i) of subdivision 2 of 11 section 16-c of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program; amend paragraph (e) of subdivi- sion 3 of section 16-c of section 1 of 2 chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program; amend paragraph (c) of subdivision 14 of section 16-d of section 1 of 20 chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, as added by a chapter of the laws of 2017, amending the New York state urban development corpo- ration act relating to the regional revolving loan program; amend para- graph (c) of 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, as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program; amend subdivisions 14 and 14-a of section 16-t of section 1 of chapter 174 of the laws of 1968, constitut- ing the New York state urban development corporation act, subdivision 14 as amended and subdivision 14-a as added by a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program to adjust from January 2018 to April 1, 2019 the date upon which New York State Empire State Development Corporation (ESDC)shall publish its annual reports relating to 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 program.
Read the full memo (708 words)
This bill would also amend the effective date to take effect on the same date and in the same manner as a chapter of the laws of 2017, amending the New York state urban development corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S4046 and A4253, takes effect.
Prior legislative history
2017: A. 4253/S. 4046 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 flex- ibility 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 on the same date and in the same manner as a chapter of the laws of 2017, amending the New York state urban develop- ment corporation act relating to the regional revolving loan program, as proposed in legislative bill numbers S4046 and A4253, takes effect.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.