Bill Text: NY A10329 | 2019-2020 | General Assembly | Amended

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Bill Title: Provides for assessment of activities conducted by the banking institution to support persons, small businesses, minority- and women-owned businesses, and certain not-for-profit corporations affected by the outbreak of coronavirus disease 2019 (COVID-19).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-07-10 - print number 10329b [A10329 Detail]

Download: New_York-2019-A10329-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                        10329--B

                   IN ASSEMBLY

                                     April 22, 2020
                                       ___________

        Introduced  by M. of A. REYES -- read once and referred to the Committee
          on Banks -- committee discharged, bill amended, ordered  reprinted  as
          amended  and recommitted to said committee -- again reported from said
          committee with amendments, ordered reprinted as amended and  recommit-
          ted to said committee

        AN ACT to amend the banking law, in relation to assessment of the record
          of  performance  of  banking institutions in supporting persons, small
          businesses, minority- and women-owned businesses, and certain not-for-
          profit corporations affected by the outbreak of COVID-19

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (a) of subdivision 3 of section 28-b of the bank-
     2  ing law is amended by adding a new subparagraph 1-a to read as follows:
     3    (1-a)  Activities,  including,  but not limited to, the offering of no
     4  interest loans, the waiving of fees, and the modification  or  extension
     5  of  existing  loans  and  other  financial instruments, conducted by the
     6  banking institution to support persons, small businesses, minority-  and
     7  women-owned businesses, and certain not-for-profit corporations affected
     8  by  the outbreak of coronavirus disease 2019 (COVID-19) during the state
     9  disaster emergency declared pursuant to executive order two hundred  two
    10  and for the six months following the end of such state disaster emergen-
    11  cy.  Support  provided  to  a  not-for-profit  corporation shall only be
    12  considered for the purposes of this subparagraph where such not-for-pro-
    13  fit corporation utilized its resources to assist underserved communities
    14  during the state disaster emergency declared pursuant to executive order
    15  two hundred two and for the six months following the end of  such  state
    16  disaster  emergency.  Activities  and  support  provided  shall  only be
    17  considered for the purposes of this  subparagraph  if  such  support  is
    18  certified  by  the  superintendent  as being beyond the support provided
    19  pursuant to the federal paycheck protection program;
    20    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16116-05-0