Bill Text: NY A04820 | 2011-2012 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-09-04 - enacting clause stricken [A04820 Detail]

Download: New_York-2011-A04820-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4820
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 8, 2011
                                      ___________
       Introduced  by  M.  of  A.  P. RIVERA  --  read once and referred to the
         Committee on Economic Development
       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    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01101-01-1