Bill Text: NY A10329 | 2019-2020 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides for assessment of activities conducted by the banking institution to support persons, small businesses, minority- and women-owned businesses, and certain not-for-profit corporations affected by the outbreak of coronavirus disease 2019 (COVID-19).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-07-10 - print number 10329b [A10329 Detail]

Download: New_York-2019-A10329-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                        10329--A

                   IN ASSEMBLY

                                     April 22, 2020
                                       ___________

        Introduced  by M. of A. REYES -- read once and referred to the Committee
          on Banks -- committee discharged, bill amended, ordered  reprinted  as
          amended and recommitted to said committee

        AN ACT to amend the banking law, in relation to assessment of the record
          of  performance  of  banking institutions in supporting persons, small
          businesses, minority- and women-owned businesses, and certain not-for-
          profit corporations affected by the outbreak of COVID-19

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (a) of subdivision 3 of section 28-b of the bank-
     2  ing law is amended by adding a new subparagraph 1-a to read as follows:
     3    (1-a)  Activities, including, but not limited to, the offering of low-
     4  to-no interest loans, the waiving  of  fees,  and  the  modification  or
     5  extension  of  existing loans and other financial instruments, conducted
     6  by the banking institution to support persons, small businesses, minori-
     7  ty- and women-owned businesses, and certain not-for-profit  corporations
     8  affected  by  the outbreak of coronavirus disease 2019 (COVID-19) during
     9  the state disaster emergency declared pursuant to  executive  order  two
    10  hundred  two  and  for  the  six  months following the end of such state
    11  disaster emergency. Support provided  to  a  not-for-profit  corporation
    12  shall  only  be  considered  for the purposes of this subparagraph where
    13  such not-for-profit corporation utilized its resources to assist  under-
    14  served communities during the state disaster emergency declared pursuant
    15  to  executive order two hundred two and for the six months following the
    16  end of such state disaster emergency. Activities  and  support  provided
    17  shall  only  be considered for the purposes of this subparagraph if such
    18  support is certified by the superintendent as being beyond  the  support
    19  provided pursuant to the federal paycheck protection program;
    20    § 2. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16116-03-0