Directs the department of economic development to identify those banks which have made a significant commitment to the community reinvestment program and emerging domestic markets; such department shall conduct an outreach program to provide such information to regional and local economic developers and financial institutions.
STATE OF NEW YORK
________________________________________________________________________
8416
2009-2010 Regular Sessions
IN ASSEMBLY
May 19, 2009
___________
Introduced by M. of A. P. RIVERA -- read once and referred to the
Committee on Economic Development, Job Creation, Commerce and Industry
AN ACT to amend the economic development law, in relation to directing
the department of economic development to provide information to
developers and financial institutions on banks which have made commit-
ments to community reinvestment and emerging domestic markets
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 100 of the economic development law is amended by
2 adding a new subdivision 44-a to read as follows:
3 44-a. to identify, in consultation with the division of housing and
4 community renewal and the banking department, those state or federally
5 chartered banking organizations which have made significant commitments
6 to community reinvestment and emerging domestic markets. The department
7 shall make such information available to the public in written form and
8 on its department internet website. Furthermore, the department shall
9 conduct an outreach program to proactively provide such information to
10 regional and local economic developers and financial institutions. For
11 the purposes of this subdivision, "emerging domestic market" means
12 people, places or business enterprises with growth potential that
13 encounter capital constraints due to systemic undervaluation resulting
14 from imperfect market information. These markets include ethnic- and
15 women-owned firms, urban and rural communities, companies that serve
16 low-to-moderate-income populations and other small- and medium-sized
17 businesses.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10537-02-9
