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NY A04377
Bill
Status
2/3/2011
Primary Sponsor
Peter Rivera
Click for details
AI Summary
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Allows linked deposits to be made to a series of eligible businesses with individual loan amounts not exceeding $50,000, in addition to the existing single eligible business option
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Permits linked deposits made to multiple businesses to be held for up to five years instead of the standard four-year period
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Enables linked loans in distressed communities (with median household income less than 80 percent of state median) to finance or refinance small businesses, with interest rates reduced for the first two years
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Requires lenders using the multiple-loan option to include a statement in applications certifying that no loan will be made without complying with article requirements
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Takes effect immediately upon enactment
Legislative Description
Authorizes the comptroller and the commissioner of taxation and finance to make linked deposits with lenders to a series of eligible businesses, so long as no individual loan exceeds $50,000; authorizes excelsior linked deposit loans to be made to a series of eligible businesses, with no individual loan exceeding $50,000, and such loans may be used for financing or refinancing a small business in distressed communities.
Last Action
enacting clause stricken
9/4/2012