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NY A05449
Bill
Status
2/13/2009
Primary Sponsor
Thomas Alfano
Click for details
AI Summary
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Authorizes linked deposits to be made to multiple eligible businesses in individual loan amounts not exceeding $50,000 each, in addition to the existing single business loan option.
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Permits linked deposits for series loans to be placed with lenders for five years instead of the standard four-year period.
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Reduces the interest rate benefit period for series loans from four years to two years at the reduced rate provided under section 218.
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Allows linked loans in distressed communities (median household income less than 80% of state median) to finance or refinance small businesses, in addition to eligible projects.
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Requires lenders to include a statement in applications for series linked loans certifying that no loan will be made that does not comply with article requirements.
Legislative Description
An act to amend the state finance law, in relation to authorizing excelsior linked deposits and loans to be made to a series of eligible businesses
Last Action
reported referred to ways and means
6/8/2010