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CT HB06466

Bill

Official Source

Status

Passed

5/20/2013

Primary Sponsor

Commerce Committee

Click for details

Origin

House of Representatives

2013 General Assembly

AI Summary

  • Clarifies collateral requirements for businesses seeking financial assistance from the Department of Economic and Community Development and Connecticut Innovations, Incorporated
  • Exempts three categories of assistance from collateral requirements: equity investments, grants, and loans with terms of less than one year
  • Requires applicants for all other state assistance to provide appropriate and reasonable security, such as letters of credit, liens on real property, or security interests in personal property
  • Maintains existing provisions requiring specific job creation and retention goals with periodic progress reports when job creation or retention is the primary purpose of assistance
  • Requires recipients to remain in substantial material compliance with state and federal law

Legislative Description

An Act Clarifying Collateral Requirements For Applicants For Financial Assistance From The Department Of Economic And Community Development And Connecticut Innovations, Incorporated.

Last Action

Signed by the Governor

5/28/2013

Committee Referrals

Commerce2/21/2013

Full Bill Text

No bill text available