STATE OF NEW YORK
________________________________________________________________________
7925--A
IN SENATE
May 25, 2016
___________
Introduced by Sen. LAVALLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Commerce, Economic Devel-
opment and Small Business -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend the economic development law, in relation to small busi-
ness online lending awareness and outreach campaign
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 11 of section 134 of the economic development
2 law, as added by chapter 361 of the laws of 2009, is amended to read as
3 follows:
4 11. provide assistance to small business in the state, and facilitate
5 access to programs serving small business, to ensure that such busi-
6 nesses benefit, as needed, from technical, managerial, financial, and
7 general business assistance; training; marketing; organization and
8 personnel skill development; project management assistance; technology
9 assistance; bond and insurance education assistance; online marketplace
10 lending awareness and assistance; and other business development assist-
11 ance. In addition, either independently or in conjunction with other
12 state agencies:
13 (a) develop a clearinghouse of information on programs and services
14 provided by entities that may assist such businesses; [and]
15 (b) seek to maximize utilization by small businesses of available
16 federal resources including but not limited to federal grants, loans,
17 loan guarantees, surety bonding guarantees, technical assistance, and
18 programs and services of the federal small business administration; and
19 (c) develop and implement, in conjunction with the department of
20 financial services, a small business online marketplace lending educa-
21 tion and outreach campaign to educate businesses in plain-language as to
22 the true costs associated with obtaining loans from online marketplace
23 lenders including true and up-front transparent pricing and terms, the
24 disclosure of annualized percentage rates, interest rates, fees and
25 charges; disclosure of terms for repayment, early repayment, and refi-
26 nancing of a loan and any penalties that may be applied; and any other
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15430-04-6
S. 7925--A 2
1 information that is deemed necessary by the department of economic
2 development. The department of economic development shall develop and
3 implement a plan to distribute such information to small business
4 owners, including but not limited to, printed material, publication on
5 the internet and through coordination with other state entities that
6 routinely interact with small businesses in this state. The department
7 of economic development shall make translations of all educational mate-
8 rials available in languages other than English, including the six most
9 common non-English languages spoken by individuals in this state.
10 § 2. This act shall take effect on the ninetieth day after it shall
11 have become a law.
