Bill Text: NY S05322 | 2011-2012 | General Assembly | Introduced

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Bill Title: Directs the department of economic development to identify those banks which have made a significant commitment to the community reinvestment program and emerging domestic markets; such department shall conduct an outreach program to provide such information to regional and local economic developers and financial institutions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S05322 Detail]

Download: New_York-2011-S05322-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5322
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      May 5, 2011
                                      ___________
       Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
         printed to be committed to the Committee on Commerce, Economic  Devel-
         opment and Small Business
       AN  ACT  to amend the economic development law, in relation to directing
         the department of  economic  development  to  provide  information  to
         developers and financial institutions on banks which have made commit-
         ments to community reinvestment and emerging domestic markets
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 100 of the economic development law is  amended  by
    2  adding a new subdivision 44-a to read as follows:
    3    44-A.  TO  IDENTIFY,  IN CONSULTATION WITH THE DIVISION OF HOUSING AND
    4  COMMUNITY RENEWAL AND THE BANKING DEPARTMENT, THOSE STATE  OR  FEDERALLY
    5  CHARTERED  BANKING ORGANIZATIONS WHICH HAVE MADE SIGNIFICANT COMMITMENTS
    6  TO COMMUNITY REINVESTMENT AND EMERGING DOMESTIC MARKETS.  THE DEPARTMENT
    7  SHALL MAKE SUCH INFORMATION AVAILABLE TO THE PUBLIC IN WRITTEN FORM  AND
    8  ON  ITS  DEPARTMENT  INTERNET WEBSITE. FURTHERMORE, THE DEPARTMENT SHALL
    9  CONDUCT AN OUTREACH PROGRAM TO PROACTIVELY PROVIDE SUCH  INFORMATION  TO
   10  REGIONAL  AND LOCAL ECONOMIC DEVELOPERS AND FINANCIAL INSTITUTIONS.  FOR
   11  THE PURPOSES OF  THIS  SUBDIVISION,  "EMERGING  DOMESTIC  MARKET"  MEANS
   12  PEOPLE,  PLACES  OR  BUSINESS  ENTERPRISES  WITH  GROWTH  POTENTIAL THAT
   13  ENCOUNTER CAPITAL CONSTRAINTS DUE TO SYSTEMIC  UNDERVALUATION  RESULTING
   14  FROM  IMPERFECT  MARKET  INFORMATION.  THESE MARKETS INCLUDE ETHNIC- AND
   15  WOMEN-OWNED FIRMS, URBAN AND RURAL  COMMUNITIES,  COMPANIES  THAT  SERVE
   16  LOW-TO-MODERATE-INCOME  POPULATIONS  AND  OTHER  SMALL- AND MEDIUM-SIZED
   17  BUSINESSES.
   18    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01101-01-1