STATE OF NEW YORK
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5213
2019-2020 Regular Sessions
IN SENATE
April 16, 2019
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Introduced by Sen. LITTLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance
AN ACT to amend the state finance law, in relation to the excelsior
linked deposit program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 217 of the state finance law, as amended by section
2 1 of part H of chapter 60 of the laws of 2011, is amended to read as
3 follows:
4 § 217. Linked loans. 1. Linked loans shall be made by lenders pursuant
5 to the program only to eligible businesses in connection with eligible
6 projects. A linked loan shall be limited to a maximum amount of two
7 million dollars. An eligible business may receive more than one linked
8 loan. During the life of the linked loan program, the total amount of
9 money that a business can borrow from the linked program is two million
10 dollars. The credit decision for making a linked loan shall be made
11 solely by the lender. Notwithstanding the length of the term of a linked
12 loan, the linked deposit relating to the linked loan shall be for a
13 period of not more than four years.
14 2. A linked deposit may be extended for an additional period of not
15 more than four years if such extension is for an existing eligible
16 project for which a loan has already been approved pursuant to subdivi-
17 sion one of this section. An extension granted pursuant to this section
18 shall not result in an increase of the maximum loan amount of two
19 million dollars.
20 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11076-01-9
