Bill Text: NY A06621 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to micro-businesses and micro-loans.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2016-08-19 - signed chap.254 [A06621 Detail]

Download: New_York-2015-A06621-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6621--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     March 27, 2015
                                       ___________
        Introduced by M. of A. KIM -- read once and referred to the Committee on
          Small  Business  --  recommitted to the Committee on Small Business in
          accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the New York state urban development corporation act, in
          relation to micro-businesses and micro loans
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Subdivisions 1, 2, 3, and 5 of section 16-t of section 1 of
     2  chapter  174  of the laws of 1968, constituting the New York state urban
     3  development corporation act, as amended by section 1 of part II of chap-
     4  ter 59 of the laws of 2013, is amended to read as follows:
     5    1. The small business revolving loan fund program is  hereby  created.
     6  The  corporation  is  authorized,  within  available  appropriations, to
     7  provide low interest loans to  community  development  financial  insti-
     8  tutions,  in  order  to provide funding for those lending organizations'
     9  loans to small businesses, and micro-businesses located within New  York
    10  state,  that  generate  economic growth and job creation within New York
    11  state but that are unable to obtain adequate credit  or  adequate  terms
    12  for  such  credit.  If in the discretion of the corporation the use of a
    13  community development financial institution  is  not  practicable  based
    14  upon  the  application  of rules and regulations developed by the corpo-
    15  ration, including, but not limited to,  assessments  of  geographic  and
    16  administrative  capacity,  then  the  corporation  is authorized, within
    17  available appropriations, to provide low interest loans to the following
    18  other local community based lending organizations: small business  lend-
    19  ing  consortia,  certified  development  companies,  providers of United
    20  States department of  agriculture  business  and  industrial  guaranteed
    21  loans, United States small business administration loan providers, cred-
    22  it  unions and community banks. As used in this section "small business"
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00174-07-6