Bill Text: NY S08442 | 2019-2020 | General Assembly | Amended

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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) 2020-07-09 - PRINT NUMBER 8442B [S08442 Detail]

Download: New_York-2019-S08442-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         8442--B

                    IN SENATE

                                      June 3, 2020
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be  committed  to  the  Committee  on  Banks  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to  said  committee  --  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  no
     4  interest  loans,  the waiving of fees, and the modification or extension
     5  of existing loans and other  financial  instruments,  conducted  by  the
     6  banking  institution to support persons, small businesses, minority- and
     7  women-owned businesses, and certain not-for-profit corporations affected
     8  by the outbreak of coronavirus disease 2019 (COVID-19) during the  state
     9  disaster  emergency declared pursuant to executive order two hundred two
    10  and for the six months following the end of such state disaster emergen-
    11  cy. Support provided to  a  not-for-profit  corporation  shall  only  be
    12  considered for the purposes of this subparagraph where such not-for-pro-
    13  fit corporation utilized its resources to assist underserved communities
    14  during the state disaster emergency declared pursuant to executive order
    15  two  hundred  two and for the six months following the end of such state
    16  disaster emergency.  Activities  and  support  provided  shall  only  be
    17  considered  for  the  purposes  of  this subparagraph if such support is
    18  certified by the superintendent as being  beyond  the  support  provided
    19  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.
                                                                   LBD16116-06-0