Bill Text: NY S06165 | 2019-2020 | General Assembly | Introduced

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Bill Title: Removes the maximum limit on the amount of a single linked loan and increases the maximum amount a business can borrow during the life of the linked loan program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-03-10 - referred to ways and means [S06165 Detail]

Download: New_York-2019-S06165-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6165

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 21, 2019
                                       ___________

        Introduced  by  Sen. SANDERS -- (at request of the Empire State Develop-
          ment) -- 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. Linked loans shall be made by lenders pursuant to
     5  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]  five
    10  million  dollars.  The credit decision for making a linked loan shall be
    11  made solely by the lender. Notwithstanding the length of the term  of  a
    12  linked loan, the linked deposit relating to the linked loan shall be for
    13  a period of not more than four years.
    14    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09724-01-9