STATE OF NEW YORK
        ________________________________________________________________________
                                          5213
                               2019-2020 Regular Sessions
                    IN SENATE
                                     April 16, 2019
                                       ___________
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Finance
        AN ACT to amend the state finance law,  in  relation  to  the  excelsior
          linked deposit program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 217 of the state finance law, as amended by section
     2  1 of part H of chapter 60 of the laws of 2011, is  amended  to  read  as
     3  follows:
     4    § 217. Linked loans. 1. Linked loans shall be made by lenders pursuant
     5  to  the  program only to eligible businesses in connection with eligible
     6  projects. A linked loan shall be limited to  a  maximum  amount  of  two
     7  million  dollars.  An eligible business may receive more than one linked
     8  loan. During the life of the linked loan program, the  total  amount  of
     9  money  that a business can borrow from the linked program is two million
    10  dollars. The credit decision for making a  linked  loan  shall  be  made
    11  solely by the lender. Notwithstanding the length of the term of a linked
    12  loan,  the  linked  deposit  relating  to the linked loan shall be for a
    13  period of not more than four years.
    14    2. A linked deposit may be extended for an additional  period  of  not
    15  more  than  four  years  if  such  extension is for an existing eligible
    16  project for which a loan has already been approved pursuant to  subdivi-
    17  sion  one of this section. An extension granted pursuant to this section
    18  shall not result in an increase  of  the  maximum  loan  amount  of  two
    19  million dollars.
    20    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11076-01-9