Bill Text: NY A02752 | 2017-2018 | General Assembly | Introduced

---

Bill Title: Requires lending organizations to submit annual reports to the corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to small business [A02752 Detail]

Download: New_York-2017-A02752-Introduced.html

---

                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  Assem-
        bly, do enact as follows:
     1    Section  1. Subdivision 14 of section 16-t of section 1 of chapter 174
     2  of the laws of 1968, constituting the New York state  urban  development
     3  corporation act is REPEALED and a new subdivision 14 is added to read as
     4  follows:
     5    14. (a) Starting September 1, 2017, and on a quarterly basis thereaft-
     6  er, the lending organization shall submit programs status updates to the
     7  corporation  stating:  the  number of applicants for program loan funds;
     8  the number of applications approved and denied; the number of loans made
     9  and the amounts approved; the status of outstanding loans, including the
    10  rate of repayment and default on such loans; the  intended  use  of  the
    11  loan by borrowers; and, any other information that the corporation deems
    12  necessary.  Such  data shall be published quarterly on the corporation's
    13  website.
    14    (b) Starting January 1, 2018 and annually thereafter, the  corporation
    15  must  submit  a performance report, which shall include a compilation of
    16  data  collected  pursuant  to  paragraph  (a)  of  this  subdivision;  a
    17  description  of the economic development generated, including the number
    18  of jobs created and/or retained and whether borrowers used such loans to
    19  leverage additional funding; the status of the loan fund, including  the
    20  fund  balance;  and,  any  other  information that the corporation deems
    21  necessary and appropriate. Such report shall be made  available  on  the
    22  corporation's website.
    23    § 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