Bill Text: NY A08935 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes the empire state development corporation to administer several revolving loan fund (RLF) programs in a manner consistent with how the small business revolving loan fund is administered.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-05-22 - substituted by s7299 [A08935 Detail]

Download: New_York-2017-A08935-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8935
                   IN ASSEMBLY
                                     January 8, 2018
                                       ___________
        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 Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 20 of section 16-a of section 1 of chapter  174
     2  of  the  laws of 1968, constituting the New York state urban development
     3  corporation act, as amended by a chapter of the laws of  2017,  amending
     4  the  New  York  state  urban development corporation act relating to the
     5  regional revolving loan program, as proposed in legislative bill numbers
     6  S. 4046 and A.  4253, is amended to read as follows:
     7    (20) Reporting. (a) The  lending  organization  shall  submit  to  the
     8  corporation  annual  reports  stating: the number of program loans made;
     9  the amount of program funding used for loans; the use of  loan  proceeds
    10  by  the borrower; the number of jobs created or retained; [a description
    11  of the economic development generated;] the status of  each  outstanding
    12  program  loan, including fund balance; and such other information as the
    13  corporation may require.
    14    (b) The corporation shall, on or before October  1,  1988  and  on  or
    15  before  each  October  first thereafter, submit a report to the governor
    16  and the  legislature  on  the  operations  and  accomplishments  of  the
    17  regional  revolving loan program. Such report shall include a summary of
    18  the information contained in the reports submitted pursuant to  subdivi-
    19  sion  sixteen of this section and of the results of the audits performed
    20  by the corporation pursuant to subdivision nineteen of this section, and
    21  shall set forth the status of the regional revolving  loan  program  for
    22  the previous fiscal year, including grants to the regional corporations,
    23  earnings and account balances as reported to the corporation. The report
    24  to  be  submitted on October 1, 2005 and on or before each October first
    25  thereafter shall be consolidated with the annual program report  of  the
    26  corporation  required under the provisions of subdivision (b) of section
    27  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
        A. 8935                             2
     1    (c) Beginning [January] April 1, [2018] 2019, [notwithstanding any law
     2  to the contrary,] the corporation  shall  publish  on  its  website  the
     3  information  contained  in  the annual reports required under paragraphs
     4  (a) and (b) of this subdivision  in  aggregate  form  omitting  borrower
     5  identifiable information.
     6    §  2.  Subparagraphs (i) and (ii) of paragraph (i) of subdivision 2 of
     7  section 16-c of section 1 of chapter 174 of the laws of 1968, constitut-
     8  ing the New York state urban development corporation act, as added by  a
     9  chapter  of the laws of 2017, amending the New York state urban develop-
    10  ment corporation act relating to the regional revolving loan program, as
    11  proposed in legislative bill numbers S. 4046 and A. 4253, are amended to
    12  read as follows:
    13    (i) The lending organization shall submit to  the  corporation  annual
    14  reports stating: the number of program loans made; the amount of program
    15  funding  used  for  loans; the use of loan proceeds by the borrower; the
    16  number of jobs created or  retained;  [a  description  of  the  economic
    17  development  generated;]  the  status  of each outstanding program loan,
    18  including fund balance; and such other information  as  the  corporation
    19  may require.
    20    (ii)  Beginning  [January]  April 1, [2018] 2019, [notwithstanding any
    21  law to the contrary,] the corporation shall publish on its  website  the
    22  information  contained in the annual reports required under subparagraph
    23  (i) of this paragraph in aggregate form omitting  borrower  identifiable
    24  information.
    25    §  3.  Paragraph  (e) of subdivision 3 of section 16-c of section 1 of
    26  chapter 174 of the laws of 1968, constituting the New York  state  urban
    27  development  corporation act, as added by a chapter of the laws of 2017,
    28  amending the New York state urban development corporation  act  relating
    29  to  the regional revolving loan program, as proposed in legislative bill
    30  numbers S. 4046 and A. 4253, is amended to read as follows:
    31    (e)(i) The lending organization shall submit to the corporation annual
    32  reports stating: the number of program loans made; the amount of program
    33  funding used for loans; the use of loan proceeds by  the  borrower;  the
    34  number  of  jobs  created  or  retained;  [a description of the economic
    35  development generated;] the status of  each  outstanding  program  loan,
    36  including  fund  balance;  and such other information as the corporation
    37  may require.
    38    (ii) Beginning [January] April 1, [2018]  2019,  [notwithstanding  any
    39  law  to  the contrary,] the corporation shall publish on its website the
    40  information contained in the annual reports required under  subparagraph
    41  (i)  of  this paragraph in aggregate form omitting borrower identifiable
    42  information.
    43    § 4. Paragraph (c) of subdivision 14 of section 16-d of section  1  of
    44  chapter  174  of the laws of 1968, constituting the New York state urban
    45  development corporation act, as added by a chapter of the laws of  2017,
    46  amending  the  New York state urban development corporation act relating
    47  to the regional revolving loan program, as proposed in legislative  bill
    48  numbers S. 4046 and A. 4253, is amended to read as follows:
    49    (c) (i) The lending organization shall submit to the corporation annu-
    50  al  reports  stating:  the  number  of program loans made; the amount of
    51  program funding used for loans; the use of loan proceeds by the  borrow-
    52  er;  the  number  of  jobs  created  or  retained; [a description of the
    53  economic development generated;] the status of each outstanding  program
    54  loan,  including  fund balance; and such other information as the corpo-
    55  ration may require.
        A. 8935                             3
     1    (ii) Beginning [January] April 1, [2018]  2019,  [notwithstanding  any
     2  law  to  the contrary,] the corporation shall publish on its website the
     3  information contained in the annual reports required  under  this  para-
     4  graph  and  paragraphs (a) and (b) of this subdivision in aggregate form
     5  omitting borrower identifiable information.
     6    §  5. Subdivisions 14 and 14-a of section 16-t of section 1 of chapter
     7  174 of the laws of 1968, constituting the New York state urban  develop-
     8  ment  corporation act, subdivision 14 as amended and subdivision 14-a as
     9  added by a chapter of the laws of 2017,  amending  the  New  York  state
    10  urban  development  corporation  act  relating to the regional revolving
    11  loan program, as proposed in legislative bill numbers  S.  4046  and  A.
    12  4253, are amended to read as follows:
    13    14.  The  lending  organization shall submit to the corporation annual
    14  reports stating: the number of program loans made; the amount of program
    15  funding used for loans; the use of loan proceeds by  the  borrower;  the
    16  number  of  jobs  created  or  retained;  [a description of the economic
    17  development generated;] the status of  each  outstanding  program  loan,
    18  including  fund  balance;  and such other information as the corporation
    19  may require.
    20    14-a. Beginning [January] April 1, [2018] 2019,  [notwithstanding  any
    21  law  to  the contrary,] the corporation shall publish on its website the
    22  information contained in the annual reports required  under  subdivision
    23  fourteen  of  this section in aggregate form omitting borrower identifi-
    24  able information.
    25    § 6. This act shall take effect on the  same  date  and  in  the  same
    26  manner  as  a  chapter  of the laws of 2017, amending the New York state
    27  urban development corporation act relating  to  the  regional  revolving
    28  loan  program,  as  proposed  in legislative bill numbers S. 4046 and A.
    29  4253, takes effect.