Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 10, 2020 |
referred to ways and means delivered to assembly passed senate |
Feb 27, 2020 |
advanced to third reading |
Feb 26, 2020 |
2nd report cal. |
Feb 25, 2020 |
1st report cal.475 |
Jan 08, 2020 |
referred to finance returned to senate died in assembly |
Jun 13, 2019 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1362 committee discharged and committed to rules |
May 21, 2019 |
referred to finance |
Senate Bill S6165
2019-2020 Legislative Session
Relates to linked loans
download bill text pdfSponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
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- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
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Floor Vote: Mar 10, 2020
aye (41)- Addabbo Jr.
- Amedore
- Bailey
- Benjamin
- Biaggi
- Breslin
- Brooks
- Carlucci
- Comrie
- Gaughran
- Gianaris
- Gounardes
- Harckham
- Hoylman-Sigal
- Jackson
- Kaminsky
- Kaplan
- Kavanagh
- Kennedy
- Krueger
- Lanza
- Little
- Liu
- Martinez
- May
- Mayer
- Metzger
- Montgomery
- Myrie
- Parker
- Persaud
- Ramos
- Rivera
- Salazar
- Sanders Jr.
- Savino
- Sepúlveda
- Serrano
- Stavisky
- Stewart-Cousins
- Thomas
nay (18)excused (3)
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Floor Vote: Jun 13, 2019
aye (45)- Addabbo Jr.
- Bailey
- Benjamin
- Biaggi
- Breslin
- Brooks
- Carlucci
- Comrie
- Felder
- Funke
- Gaughran
- Gianaris
- Gounardes
- Harckham
- Hoylman-Sigal
- Jackson
- Kaminsky
- Kaplan
- Kavanagh
- Kennedy
- Krueger
- Lanza
- Little
- Liu
- Martinez
- May
- Mayer
- Metzger
- Montgomery
- Myrie
- Parker
- Persaud
- Ramos
- Rivera
- Robach
- Salazar
- Sanders Jr.
- Savino
- Sepúlveda
- Serino
- Serrano
- Seward
- Stavisky
- Stewart-Cousins
- Thomas
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Jun 13, 2019 - Rules Committee Vote
S616514Aye4Nay1Aye with Reservations0Absent0Excused0AbstainedFeb 25, 2020 - Finance Committee Vote
S616515Aye5Nay2Aye with Reservations0Absent1Excused0Abstained -
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2019-S6165 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7688
- Current Committee:
- Assembly Ways And Means
- Law Section:
- State Finance Law
- Laws Affected:
- Amd §217, St Fin L
2019-S6165 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6165 SPONSOR: SANDERS TITLE OF BILL: An act to amend the state finance law, in relation to the Excelsior Linked Deposit Program PURPOSE OF BILL: The proposed legislation amends the Excelsior Linked Deposit program to increase the lifetime cap on the total amount of money a company may borrow in the program from $2 million to $5 million and to remove the current $2 million limit on the maximum loan amount a company may receive under the program. SUMMARY OF PROVISIONS: Section one of the proposed legislation amends the state finance law to increase the lifetime cap on the total amount of money a company may borrow in the program from $2 million to $5 million. It also removes the current $2 million limit on the maximum loan amount a company may receive under the program.
Section 2 of the proposed legislation provides that it will take effect immediately upon the effective date of the bill. JUSTIFICATION: The Linked Deposit Program is experiencing increased activity, which is associated with rising interest rates. Year to date activity has increased by 60 percent when comparing 2018 to 2017 activity. In addi- tion to rising interest rates impacting activity, Empire State Develop- ment ("ESD") has contributed to the increase as well by actively promot- ing the program through continued outreach to the banking community, small businesses and minority and women owned enterprises. To date, Linked Deposit Program assistance has been provided on three hundred and thirty-one (331) loans to minority and/or woman owned firms for a total of $111.28 million, of which six (6) loans have reached their lifetime maximum. Overall, five thousand six hundred and seventy- seven (5,677) loans totaling over $1.9 billion have been approved for assistance, most of those to businesses with one hundred or fewer employees. There are currently eighty-eight (88) borrowers that have reached their lifetime maximum for Linked Deposit assistance. A majority of these businesses have added employees, which demonstrates the effectiveness of the program and how it supports the growth of the economy. Since these businesses are no longer able to utilize the program's interest rate reduction, they experience increased cost of capital and will face higher borrowing costs when attempting to expand or improve their operations. They are being penalized unnecessarily for having reached their lifetime maximum and through no fault of their own are paying more to borrow and invest in the growth of their business. ESD expects these firms would continue to access the program if legally able to. In addition, ESD has heard from borrowers wishing to have the cap raised so they could continue to participated in the program and from lenders stating it would be beneficial to their business if the lifetime allowance were to be increased. ESD is confident that an increase to the lifetime maximum would allow the businesses that have reached the maximum to utilize the program again and further invest in the improvement and expansion of their busi- ness. PRIOR LEGISLATIVE HISTORY: This is a new bill. This bill was previously introduced in 2017 and introduced as 5.6491 (Young) and A.8117 (Schimminger). FISCAL IMPLICATIONS: None. EFFECTIVE DATE: This bill would take effect immediately.
2019-S6165 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6165 2019-2020 Regular Sessions I N S E N A T E May 21, 2019 ___________ Introduced by Sen. SANDERS -- (at request of the Empire State Develop- ment) -- 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: Section 1. Section 217 of the state finance law, as amended by section 1 of part H of chapter 60 of the laws of 2011, is amended to read as follows: § 217. Linked loans. Linked loans shall be made by lenders pursuant to the program only to eligible businesses in connection with eligible projects. [A linked loan shall be limited to a maximum amount of two million dollars.] An eligible business may receive more than one linked loan. During the life of the linked loan program, the total amount of money that a business can borrow from the linked program is [two] FIVE million dollars. The credit decision for making a linked loan shall be made solely by the lender. Notwithstanding the length of the term of a linked loan, the linked deposit relating to the linked loan shall be for a period of not more than four years. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09724-01-9
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