Amd §§16-a, 16-c, 16-d & 16-t, UDC Act (as proposed in S. 4046 and A. 4253)
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.
STATE OF NEW YORK
________________________________________________________________________
8935
IN ASSEMBLY
January 8, 2018
___________
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. 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 description
11 of 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.
LBD04124-02-8
A. 8935 2
1 (c) Beginning [January] April 1, [2018] 2019, [notwithstanding any law
2 to 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 economic
17 development 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 any
21 law 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 economic
35 development 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 any
39 law 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 the
53 economic development generated;] the status of each outstanding program
54 loan, including fund balance; and such other information as the corpo-
55 ration may require.
A. 8935 3
1 (ii) Beginning [January] April 1, [2018] 2019, [notwithstanding any
2 law 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 economic
17 development 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 any
21 law 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.
