Bill Text: NY S04928 | 2009-2010 | General Assembly | Introduced

---

Bill Title: Provides for low interest loans to displaced homemakers to help such displaced homemakers obtain education and/or training; provides such loans are not to exceed $2,660 per applicant, bear interest at not more than two percent per year and be for a term of not more than forty-eight months following the employment of the applicant; appropriates $270,000 for such loan program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO LABOR [S04928 Detail]

Download: New_York-2009-S04928-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4928
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    April 27, 2009
                                      ___________
       Introduced  by  Sen.  MONTGOMERY  -- read twice and ordered printed, and
         when printed to be committed to the Committee on Labor
       AN ACT to amend the labor law, in relation  to  providing  low  interest
         loans to displaced homemakers and making an appropriation therefor
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The labor law is amended by adding a new section  825-a  to
    2  read as follows:
    3    S  825-A.  LOW INTEREST LOANS FOR DISPLACED HOMEMAKERS. 1. THE COMMIS-
    4  SIONER SHALL PROVIDE A LOW INTEREST LOAN SERVICE FOR DISPLACED  HOMEMAK-
    5  ERS  WHICH  SHALL BE ADMINISTERED BY THE MULTIPURPOSE SERVICE CENTERS AS
    6  ESTABLISHED PURSUANT TO SECTION EIGHT HUNDRED TWENTY-FIVE OF THIS  ARTI-
    7  CLE.
    8    2.  SUCH  LOW INTEREST LOANS SHALL BE MADE TO DISPLACED HOMEMAKERS FOR
    9  THE PURPOSE OF OBTAINING EDUCATION OR TRAINING OR BOTH. THE LOANS  SHALL
   10  BE  MADE  AT A RATE OF NO MORE THAN TWO PERCENT PER YEAR IN AN AMOUNT OF
   11  NO MORE THAN TWENTY-SIX HUNDRED SIXTY DOLLARS PER RECIPIENT FOR  A  TERM
   12  OF  NO MORE THAN FORTY-EIGHT MONTHS, PROVIDED, HOWEVER, MONTHLY PAYMENTS
   13  SHALL NOT COMMENCE UNTIL  NINE  MONTHS  AFTER  THE  DATE  THE  RECIPIENT
   14  OBTAINS  FULL-TIME  EMPLOYMENT  OR  FIFTEEN MONTHS AFTER THE DATE OF THE
   15  LOAN, WHICHEVER OCCURS FIRST.
   16    3. THE LOAN FUND ESTABLISHED PURSUANT  TO  THIS  SECTION  SHALL  BE  A
   17  REVOLVING  LOAN FUND, PROVIDED, HOWEVER, LOANS FROM OTHER SOURCES MAY BE
   18  ADMINISTERED THROUGH SUCH FUND. ALL SUCH LOANS MUST BE SEPARATELY  IDEN-
   19  TIFIED.
   20    4.  THE  COMMISSIONER  SHALL  ESTABLISH AND PROMULGATE RULES AND REGU-
   21  LATIONS FOR THE PURPOSE OF ESTABLISHING AND CARRYING OUT SUCH LOW INTER-
   22  EST LOAN PROGRAM.
   23    S 2. The sum of two hundred seventy thousand dollars ($270,000), or so
   24  much thereof as may be necessary, is hereby appropriated to the  commis-
   25  sioner  of  labor out of any moneys in the state treasury in the general
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11518-01-9
       S. 4928                             2
    1  fund to the credit of the state purposes account not otherwise appropri-
    2  ated, for his or her expenses, including personal  service,  maintenance
    3  and  operation,  in  carrying  out the provisions of this act, provided,
    4  however, no more than eight percent of such moneys shall be used for the
    5  administration of the program established by this act.
    6    S 3. This act shall take effect on the one hundred twentieth day after
    7  it shall have become a law.