Bill Text: NY A04253 | 2017-2018 | General Assembly | Introduced

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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 (Democrat 1-0)

Status: (Passed) 2017-12-18 - approval memo.45 [A04253 Detail]

Download: New_York-2017-A04253-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 4046                                                  A. 4253
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                    February 2, 2017
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Corporations,
          Authorities and Commissions
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Small Business
        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.  Section  16-a  of section 1 of chapter 174 of the laws of
     2  1968, constituting the New York state urban development corporation act,
     3  is amended by adding a new subdivision 3-a to read as follows:
     4    (3-a) Notwithstanding subdivision three of this section, where  appli-
     5  cable,  the corporation is authorized to enter into agreements as may be
     6  necessary  for  the  administration  and  reporting  of  funds   repaid,
     7  received,  expended  or  collected  in  a  manner  consistent  with  the
     8  provisions in section sixteen-t of this act. The use of  such  funds  by
     9  the  corporation  shall  be  consistent  with  the terms, conditions and
    10  restrictions set forth in subdivision four of this section,  to  provide
    11  financial  assistance  to  eligible  regional corporations as defined in
    12  subdivision  eighteen  of  section  three  of  this  act.    Outstanding
    13  expenses,  loans  and  other obligations executed prior to the effective
    14  date of this subdivision shall be subject to the terms and conditions of
    15  the original contract or contracts.
    16    § 2. Subdivision 20 of section 16-a of section 1 of chapter 174 of the
    17  laws of 1968, constituting the New York state urban  development  corpo-
    18  ration act, as amended by chapter 524 of the laws of 2005, is amended to
    19  read as follows:
    20    (20)  Reporting.  (a)  The  lending  organization  shall submit to the
    21  corporation annual reports stating: the number of  program  loans  made;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04124-01-7
        S. 4046                             2                            A. 4253
     1  the  amount  of program funding used for loans; the use of loan proceeds
     2  by the borrower; the number of jobs created or retained;  a  description
     3  of  the  economic  development generated; the status of each outstanding
     4  program  loan, including fund balance; and such other information as the
     5  corporation may require.
     6    (b) The corporation shall, on or before October  1,  1988  and  on  or
     7  before  each  October  first thereafter, submit a report to the governor
     8  and the  legislature  on  the  operations  and  accomplishments  of  the
     9  regional  revolving loan program. Such report shall include a summary of
    10  the information contained in the reports submitted pursuant to  subdivi-
    11  sion  sixteen of this section and of the results of the audits performed
    12  by the corporation pursuant to subdivision nineteen of this section, and
    13  shall set forth the status of the regional revolving  loan  program  for
    14  the previous fiscal year, including grants to the regional corporations,
    15  earnings and account balances as reported to the corporation. The report
    16  to  be  submitted on October 1, 2005 and on or before each October first
    17  thereafter shall be consolidated with the annual program report  of  the
    18  corporation  required under the provisions of subdivision (b) of section
    19  thirty of this act, as amended.
    20    (c) Beginning January 1, 2018, notwithstanding any law to the  contra-
    21  ry, the corporation shall publish on its website annual reports required
    22  under paragraphs (a) and (b) of this subdivision.
    23    §  3. Subdivision 2 of section 16-c of section 1 of chapter 174 of the
    24  laws of 1968, constituting the New York state urban  development  corpo-
    25  ration act, is amended by adding a new paragraph (i) to read as follows:
    26    (i)  Notwithstanding  any  other provisions of this subdivision, where
    27  applicable, the corporation is authorized to enter  into  agreements  as
    28  may  be  necessary for the administration and reporting of funds repaid,
    29  received,  expended  or  collected  in  a  manner  consistent  with  the
    30  provisions  in  section  sixteen-t of this act. The use of such funds by
    31  the corporation shall be  consistent  with  the  terms,  conditions  and
    32  restrictions  set  forth  under  this  subdivision, to provide financial
    33  assistance to eligible businesses as defined in subdivisions  three  and
    34  five  of  section  two  hundred  ten  of  the  economic development law.
    35  Outstanding expenses, loans and other obligations executed prior to  the
    36  effective  date  of  this  paragraph  shall  be subject to the terms and
    37  conditions of the original contract or contracts.
    38    (i) The lending organization shall submit to  the  corporation  annual
    39  reports stating: the number of program loans made; the amount of program
    40  funding  used  for  loans; the use of loan proceeds by the borrower; the
    41  number of jobs created or retained; a description of the economic devel-
    42  opment generated; the status of each outstanding program loan, including
    43  fund balance; and such other information as the corporation may require.
    44    (ii) Beginning January 1, 2018, notwithstanding any law to the contra-
    45  ry, the corporation shall publish on its website annual reports required
    46  under subparagraph (i) of this paragraph.
    47    § 4. Subdivision 3 of section 16-c of section 1 of chapter 174 of  the
    48  laws  of  1968  constituting the New York state urban development corpo-
    49  ration act, is amended by adding two new paragraphs (d) and (e) to  read
    50  as follows:
    51    (d)  Notwithstanding  any  other provisions of this subdivision, where
    52  applicable, the corporation is authorized to enter  into  agreements  as
    53  may  be  necessary for the administration and reporting of funds repaid,
    54  received,  expended  or  collected  in  a  manner  consistent  with  the
    55  provisions  in  section  sixteen-t of this act. The use of such funds by
    56  the corporation shall be  consistent  with  the  terms,  conditions  and
        S. 4046                             3                            A. 4253
     1  restrictions  set  forth  under  this  subdivision, to provide financial
     2  assistance to eligible businesses as defined in subdivisions  three  and
     3  five  of  section  two  hundred  ten  of  the  economic development law.
     4  Outstanding  expenses, loans and other obligations executed prior to the
     5  effective date of this paragraph shall  be  subject  to  the  terms  and
     6  conditions of the original contract or contracts.
     7    (e)(i) The lending organization shall submit to the corporation annual
     8  reports stating: the number of program loans made; the amount of program
     9  funding  used  for  loans; the use of loan proceeds by the borrower; the
    10  number of jobs created or retained; a description of the economic devel-
    11  opment generated; the status of each outstanding program loan, including
    12  fund balance; and such other information as the corporation may require.
    13    (ii) Beginning January 1, 2018, notwithstanding any law to the contra-
    14  ry, the corporation shall publish on its website annual reports required
    15  under subparagraph (i) of this paragraph.
    16    § 5. Subdivision 8 of section 16-d of section 1 of chapter 174 of  the
    17  laws  of  1968, constituting the New York state urban development corpo-
    18  ration act, is amended by adding two new paragraphs (g-1) and  (k-1)  to
    19  read as follows:
    20    (g-1)  Notwithstanding  any other provision in this subdivision, where
    21  applicable, the corporation is authorized to enter  into  agreements  as
    22  may  be  necessary for the administration and reporting of funds repaid,
    23  received,  expended  or  collected  in  a  manner  consistent  with  the
    24  provisions  in  section  sixteen-t of this act. The use of such funds by
    25  the corporation shall be  consistent  with  the  terms,  conditions  and
    26  restrictions  set forth in this section, to provide financial assistance
    27  to eligible entities as designated under this  subdivision.  Outstanding
    28  expenses,  loans  and  other obligations executed prior to the effective
    29  date of this paragraph shall be subject to the terms and  conditions  of
    30  the original contract or contracts.
    31    (k-1)  Notwithstanding  any other provision in this subdivision, where
    32  applicable, the corporation is authorized to enter  into  agreements  as
    33  may  be  necessary for the administration and reporting of funds repaid,
    34  received,  expended  or  collected  in  a  manner  consistent  with  the
    35  provisions  in  section  sixteen-t of this act. The use of such funds by
    36  the corporation shall be  consistent  with  the  terms,  conditions  and
    37  restrictions  set forth in this section, to provide financial assistance
    38  to eligible entities as designated under this  subdivision.  Outstanding
    39  expenses,  loans  and  other obligations executed prior to the effective
    40  date of this paragraph shall be subject to the terms and  conditions  of
    41  the original contract or contracts.
    42    § 6. Subdivision 14 of section 16-d of section 1 of chapter 174 of the
    43  laws  of  1968, constituting the New York state urban development corpo-
    44  ration act, is amended by adding a new paragraph (c) to read as follows:
    45    (c) (i) The lending organization shall submit to the corporation annu-
    46  al reports stating: the number of program  loans  made;  the  amount  of
    47  program  funding used for loans; the use of loan proceeds by the borrow-
    48  er; the number of jobs created or retained; a description of the econom-
    49  ic development generated; the status of each outstanding  program  loan,
    50  including  fund  balance;  and such other information as the corporation
    51  may require.
    52    (ii) Beginning January 1, 2018, notwithstanding any law to the contra-
    53  ry, the corporation shall publish on its website annual reports required
    54  under this paragraph and paragraphs (a) and (b) of this subdivision.
    55    § 7. Subdivision 14 of section 16-t of section 1 of chapter 174 of the
    56  laws of 1968, constituting the New York state urban  development  corpo-
        S. 4046                             4                            A. 4253
     1  ration act, as amended by section 1 of part II of chapter 59 of the laws
     2  of  2013,  is  amended  and  a  new subdivision 14-a is added to read as
     3  follows:
     4    14.  The  lending  organization shall submit to the corporation annual
     5  reports stating: the number of program loans made; the amount of program
     6  funding used for loans; the use of loan proceeds by  the  borrower;  the
     7  number of jobs created or retained; a description of the economic devel-
     8  opment generated; the status of each outstanding program loan, including
     9  fund balance; and such other information as the corporation may require.
    10    14-a.  Beginning  January  1,  2018,  notwithstanding  any  law to the
    11  contrary, the corporation shall publish on its  website  annual  reports
    12  required under subdivision fourteen of this section.
    13    § 8. This act shall take effect immediately.