Bill Text: NY A10259 | 2015-2016 | General Assembly | Introduced

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

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Bill Title: Relates to a small business online lending awareness and outreach campaign.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Passed) 2016-11-28 - signed chap.463 [A10259 Detail]

Download: New_York-2015-A10259-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10259
                   IN ASSEMBLY
                                      May 18, 2016
                                       ___________
        Introduced  by M. of A. THIELE, ROBINSON, DINOWITZ -- Multi-Sponsored by
          -- M. of A.  BARRON, GJONAJ, SANTABARBARA, SIMANOWITZ -- read once and
          referred to the Committee on Small Business
        AN ACT to amend the economic development law, in relation to small busi-
          ness online lending awareness and outreach campaign
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision 11 of section 134 of the economic development
     2  law, as added by chapter 361 of the laws of 2009, is amended to read  as
     3  follows:
     4    11.  provide assistance to small business in the state, and facilitate
     5  access to programs serving small business, to  ensure  that  such  busi-
     6  nesses  benefit,  as  needed, from technical, managerial, financial, and
     7  general  business  assistance;  training;  marketing;  organization  and
     8  personnel  skill  development; project management assistance; technology
     9  assistance; bond and insurance education assistance; online  marketplace
    10  lending awareness and assistance; and other business development assist-
    11  ance.  In  addition,  either  independently or in conjunction with other
    12  state agencies:
    13    (a) develop a clearinghouse of information on  programs  and  services
    14  provided by entities that may assist such businesses; [and]
    15    (b)  seek  to  maximize  utilization  by small businesses of available
    16  federal resources including but not limited to  federal  grants,  loans,
    17  loan  guarantees,  surety  bonding guarantees, technical assistance, and
    18  programs and services of the federal small business administration; and
    19    (c) develop and implement,  in  conjunction  with  the  department  of
    20  financial  services,  a small business online marketplace lending educa-
    21  tion and outreach campaign to educate businesses in plain-language as to
    22  the true costs associated with obtaining loans from  online  marketplace
    23  lenders  including  true and up-front transparent pricing and terms, the
    24  disclosure of annualized percentage  rates,  interest  rates,  fees  and
    25  charges;  disclosure  of terms for repayment, early repayment, and refi-
    26  nancing of a loan and any penalties that may be applied; and  any  other
    27  information  that  is deemed necessary by the department. The department
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15430-02-6
        A. 10259                            2
     1  shall develop and implement a plan to  distribute  such  information  to
     2  small  business  owners, including but not limited to, printed material,
     3  publication on the internet and through coordination  with  other  state
     4  entities  that  routinely  interact with small businesses in this state.
     5  The department shall make  translations  of  all  educational  materials
     6  available in languages other than English, including the six most common
     7  non-English languages spoken by individuals in this state.
     8    §  2.  This  act shall take effect on the ninetieth day after it shall
     9  have become a law.