Bill Text: NY S07925 | 2015-2016 | General Assembly | Introduced

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

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Bill Title: Relates to a small business online lending awareness and outreach campaign.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-16 - SUBSTITUTED BY A10259A [S07925 Detail]

Download: New_York-2015-S07925-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7925
                    IN SENATE
                                      May 25, 2016
                                       ___________
        Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment and Small Business
        AN ACT to amend the economic development law, in relation to small busi-
          ness online lending awareness and outreach campaign
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 11 of section 134 of the  economic  development
     2  law,  as added by chapter 361 of the laws of 2009, is amended to read as
     3  follows:
     4    11. provide assistance to small business in the state, and  facilitate
     5  access  to  programs  serving  small business, to ensure that such busi-
     6  nesses benefit, as needed, from technical,  managerial,  financial,  and
     7  general  business  assistance;  training;  marketing;  organization  and
     8  personnel skill development; project management  assistance;  technology
     9  assistance;  bond and insurance education assistance; online marketplace
    10  lending awareness and assistance; and other business development assist-
    11  ance. In addition, either independently or  in  conjunction  with  other
    12  state agencies:
    13    (a)  develop  a  clearinghouse of information on programs and services
    14  provided by entities that may assist such businesses; [and]
    15    (b) seek to maximize utilization  by  small  businesses  of  available
    16  federal  resources  including  but not limited to federal grants, loans,
    17  loan guarantees, surety bonding guarantees,  technical  assistance,  and
    18  programs and services of the federal small business administration; and
    19    (c)  develop  and  implement,  in  conjunction  with the department of
    20  financial services, a small business online marketplace  lending  educa-
    21  tion and outreach campaign to educate businesses in plain-language as to
    22  the  true  costs associated with obtaining loans from online marketplace
    23  lenders including true and up-front transparent pricing and  terms,  the
    24  disclosure  of  annualized  percentage  rates,  interest rates, fees and
    25  charges; disclosure of terms for repayment, early repayment,  and  refi-
    26  nancing  of  a loan and any penalties that may be applied; and any other
    27  information that is deemed necessary by the department.  The  department
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15430-02-6
        S. 7925                             2
     1  shall  develop  and  implement  a plan to distribute such information to
     2  small business owners, including but not limited to,  printed  material,
     3  publication  on  the  internet and through coordination with other state
     4  entities  that  routinely  interact with small businesses in this state.
     5  The department shall make  translations  of  all  educational  materials
     6  available in languages other than English, including the six most common
     7  non-English languages spoken by individuals in this state.
     8    §  2.  This  act shall take effect on the ninetieth day after it shall
     9  have become a law.