Bill Text: NY S06491 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to the Excelsior Linked Deposit Program.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO FINANCE [S06491 Detail]
Download: New_York-2017-S06491-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6491 2017-2018 Regular Sessions IN SENATE May 25, 2017 ___________ Introduced by Sen. YOUNG -- (at request of the Empire State Development) -- 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. Linked loans shall be made by lenders pursuant to 5 the program only to eligible businesses in connection with eligible 6 projects. [A linked loan shall be limited to a maximum amount of two7million 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] five 10 million dollars. The credit decision for making a linked loan shall be 11 made solely by the lender. Notwithstanding the length of the term of a 12 linked loan, the linked deposit relating to the linked loan shall be for 13 a period of not more than four years. 14 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09962-01-7