New York State Assembly

 
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A10259 Summary:

A10259 Actions:

A10259 Committee Votes:

Committee:SMALL BUSINESS   Chair:Thiele      
DATE:05/24/2016AYE/NAY:16/0  Action: Favorable refer to committee Ways and Means        
Thiele
Aye
DiPietro
Aye
Rivera
Aye
Lalor
Aye
Robinson
Aye
Murray
Aye
Simanowitz
Aye
Lawrence
Aye
Skartados
Aye
Gjonaj
Aye
Santabarbara
Aye
Pichardo
Aye
Woerner
Aye
Bichotte
Aye
Barron
Aye
Richardson
Excused
Hyndman
Aye

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:05/25/2016AYE/NAY:34/0  Action: Favorable         
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Excused
Barclay
Aye
Gantt
Aye
Fitzpatrick
Aye
Weinstein
Aye
Saladino
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Duprey
Aye
Pretlow
Aye
Corwin
Aye
Perry
Aye
Malliotakis
Aye
Colton
Aye
Walter
Aye
Cook
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Wright
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Markey
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye

A10259 Floor Votes:

A10259 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10259--A
                                                                Cal. No. 882
 
                   IN ASSEMBLY
 
                                      May 18, 2016
                                       ___________
 
        Introduced  by M. of A. THIELE, ROBINSON, DINOWITZ, BLAKE -- Multi-Spon-
          sored by -- M.  of A. BARRON, GJONAJ, SANTABARBARA, SIMANOWITZ -- read
          once and referred to the Committee on Small Business --  reported  and
          referred  to  the Committee on Ways and Means -- reported from commit-
          tee, advanced to a  third  reading,  amended  and  ordered  reprinted,
          retaining its place on the order of third reading
 
        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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15430-03-6
        A. 10259--A                         2
 
     1  charges; disclosure of terms for repayment, early repayment,  and  refi-
     2  nancing  of  a loan and any penalties that may be applied; and any other
     3  information that is deemed  necessary  by  the  department  of  economic
     4  development.    The department of economic development shall develop and
     5  implement a plan  to  distribute  such  information  to  small  business
     6  owners,  including  but not limited to, printed material, publication on
     7  the internet and through coordination with  other  state  entities  that
     8  routinely  interact  with small businesses in this state. The department
     9  of economic development shall make translations of all educational mate-
    10  rials available in languages other than English, including the six  most
    11  common non-English languages spoken by individuals in this state.
    12    §  2.  This  act shall take effect on the ninetieth day after it shall
    13  have become a law.