Bill Text: NY A00415 | 2011-2012 | General Assembly | Introduced

---

Bill Title: Increases from $1,000,000 to $2,000,000, the aggregate of linked loans that an agricultural project may receive during the linked loan program; provides that the linked deposit for a linked loan shall be for a period of not more than 6 years.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-04 - referred to economic development [A00415 Detail]

Download: New_York-2011-A00415-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          415
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced by M. of A. MAGEE, P. RIVERA -- read once and referred to the
         Committee on Economic Development, Job Creation, Commerce and Industry
       AN  ACT  to  amend  the state finance law, in relation to increasing the
         aggregate amount of linked loans an agricultural project  may  receive
         and the term of a linked deposit
         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 chapter
    2  291 of the laws of 2004, is amended to read as follows:
    3    S 217. Linked loans. Linked loans shall be made by lenders pursuant to
    4  the program only to eligible  businesses  in  connection  with  eligible
    5  projects.  A  linked  loan  shall  be limited to a maximum amount of one
    6  million dollars. An eligible business may receive more than  one  linked
    7  loan.  During  the  life of the linked loan program, the total amount of
    8  money that a business can borrow from the linked program is TWO  MILLION
    9  DOLLARS  FOR  LOANS  WITH AN AGRICULTURE PURPOSE AND one million dollars
   10  FOR ALL OTHER LOANS.  The credit decision for making a linked loan shall
   11  be made solely by the lender. Notwithstanding the length of the term  of
   12  a  linked  loan, the linked deposit relating to the linked loan shall be
   13  for a period of not more than SIX YEARS FOR THOSE LOANS WITH AN AGRICUL-
   14  TURE PURPOSE AND four years FOR ALL OTHER LOANS.
   15    S 2.  This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03557-01-1