Bill Text: NY S07299 | 2017-2018 | General Assembly | Introduced
Bill Title: Authorizes the empire state development corporation to administer several revolving loan fund (RLF) programs in a manner consistent with how the small business revolving loan fund is administered.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2018-12-07 - SIGNED CHAP.378 [S07299 Detail]
Download: New_York-2017-S07299-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7299 IN SENATE January 5, 2018 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the New York state urban development corporation act, in relation to the regional revolving loan program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 20 of section 16-a of section 1 of chapter 174 2 of the laws of 1968, constituting the New York state urban development 3 corporation act, as amended by a chapter of the laws of 2017, amending 4 the New York state urban development corporation act relating to the 5 regional revolving loan program, as proposed in legislative bill numbers 6 S. 4046 and A. 4253, is amended to read as follows: 7 (20) Reporting. (a) The lending organization shall submit to the 8 corporation annual reports stating: the number of program loans made; 9 the amount of program funding used for loans; the use of loan proceeds 10 by the borrower; the number of jobs created or retained; [a description11of the economic development generated;] the status of each outstanding 12 program loan, including fund balance; and such other information as the 13 corporation may require. 14 (b) The corporation shall, on or before October 1, 1988 and on or 15 before each October first thereafter, submit a report to the governor 16 and the legislature on the operations and accomplishments of the 17 regional revolving loan program. Such report shall include a summary of 18 the information contained in the reports submitted pursuant to subdivi- 19 sion sixteen of this section and of the results of the audits performed 20 by the corporation pursuant to subdivision nineteen of this section, and 21 shall set forth the status of the regional revolving loan program for 22 the previous fiscal year, including grants to the regional corporations, 23 earnings and account balances as reported to the corporation. The report 24 to be submitted on October 1, 2005 and on or before each October first 25 thereafter shall be consolidated with the annual program report of the 26 corporation required under the provisions of subdivision (b) of section 27 thirty of this act, as amended. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04124-02-8S. 7299 2 1 (c) Beginning [January] April 1, [2018] 2019, [notwithstanding any law2to the contrary,] the corporation shall publish on its website the 3 information contained in the annual reports required under paragraphs 4 (a) and (b) of this subdivision in aggregate form omitting borrower 5 identifiable information. 6 § 2. Subparagraphs (i) and (ii) of paragraph (i) of subdivision 2 of 7 section 16-c of section 1 of chapter 174 of the laws of 1968, constitut- 8 ing the New York state urban development corporation act, as added by a 9 chapter of the laws of 2017, amending the New York state urban develop- 10 ment corporation act relating to the regional revolving loan program, as 11 proposed in legislative bill numbers S. 4046 and A. 4253, are amended to 12 read as follows: 13 (i) The lending organization shall submit to the corporation annual 14 reports stating: the number of program loans made; the amount of program 15 funding used for loans; the use of loan proceeds by the borrower; the 16 number of jobs created or retained; [a description of the economic17development generated;] the status of each outstanding program loan, 18 including fund balance; and such other information as the corporation 19 may require. 20 (ii) Beginning [January] April 1, [2018] 2019, [notwithstanding any21law to the contrary,] the corporation shall publish on its website the 22 information contained in the annual reports required under subparagraph 23 (i) of this paragraph in aggregate form omitting borrower identifiable 24 information. 25 § 3. Paragraph (e) of subdivision 3 of section 16-c of section 1 of 26 chapter 174 of the laws of 1968, constituting the New York state urban 27 development corporation act, as added by a chapter of the laws of 2017, 28 amending the New York state urban development corporation act relating 29 to the regional revolving loan program, as proposed in legislative bill 30 numbers S. 4046 and A. 4253, is amended to read as follows: 31 (e)(i) The lending organization shall submit to the corporation annual 32 reports stating: the number of program loans made; the amount of program 33 funding used for loans; the use of loan proceeds by the borrower; the 34 number of jobs created or retained; [a description of the economic35development generated;] the status of each outstanding program loan, 36 including fund balance; and such other information as the corporation 37 may require. 38 (ii) Beginning [January] April 1, [2018] 2019, [notwithstanding any39law to the contrary,] the corporation shall publish on its website the 40 information contained in the annual reports required under subparagraph 41 (i) of this paragraph in aggregate form omitting borrower identifiable 42 information. 43 § 4. Paragraph (c) of subdivision 14 of section 16-d of section 1 of 44 chapter 174 of the laws of 1968, constituting the New York state urban 45 development corporation act, as added by a chapter of the laws of 2017, 46 amending the New York state urban development corporation act relating 47 to the regional revolving loan program, as proposed in legislative bill 48 numbers S. 4046 and A. 4253, is amended to read as follows: 49 (c) (i) The lending organization shall submit to the corporation annu- 50 al reports stating: the number of program loans made; the amount of 51 program funding used for loans; the use of loan proceeds by the borrow- 52 er; the number of jobs created or retained; [a description of the53economic development generated;] the status of each outstanding program 54 loan, including fund balance; and such other information as the corpo- 55 ration may require.S. 7299 3 1 (ii) Beginning [January] April 1, [2018] 2019, [notwithstanding any2law to the contrary,] the corporation shall publish on its website the 3 information contained in the annual reports required under this para- 4 graph and paragraphs (a) and (b) of this subdivision in aggregate form 5 omitting borrower identifiable information. 6 § 5. Subdivisions 14 and 14-a of section 16-t of section 1 of chapter 7 174 of the laws of 1968, constituting the New York state urban develop- 8 ment corporation act, subdivision 14 as amended and subdivision 14-a as 9 added by a chapter of the laws of 2017, amending the New York state 10 urban development corporation act relating to the regional revolving 11 loan program, as proposed in legislative bill numbers S. 4046 and A. 12 4253, are amended to read as follows: 13 14. The lending organization shall submit to the corporation annual 14 reports stating: the number of program loans made; the amount of program 15 funding used for loans; the use of loan proceeds by the borrower; the 16 number of jobs created or retained; [a description of the economic17development generated;] the status of each outstanding program loan, 18 including fund balance; and such other information as the corporation 19 may require. 20 14-a. Beginning [January] April 1, [2018] 2019, [notwithstanding any21law to the contrary,] the corporation shall publish on its website the 22 information contained in the annual reports required under subdivision 23 fourteen of this section in aggregate form omitting borrower identifi- 24 able information. 25 § 6. This act shall take effect on the same date and in the same 26 manner as a chapter of the laws of 2017, amending the New York state 27 urban development corporation act relating to the regional revolving 28 loan program, as proposed in legislative bill numbers S. 4046 and A. 29 4253, takes effect.
