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NY A06835
Bill
Status
4/12/2021
Primary Sponsor
Karines Reyes
Click for details
AI Summary
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Amends Banking Law Section 28-b to require assessment of banking institutions' COVID-19 relief activities, including no-interest loans, fee waivers, and loan modifications or extensions.
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Covers support provided to persons, small businesses, minority- and women-owned businesses during the state disaster emergency declared by Executive Order 202 and for six months after its end.
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Includes support to not-for-profit corporations only if they utilized resources to assist underserved communities during the same emergency period.
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Requires that all support activities be certified by the superintendent as exceeding assistance already provided under the federal Paycheck Protection Program to qualify for assessment consideration.
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Takes effect immediately upon enactment.
Legislative Description
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).
Last Action
referred to banks
1/5/2022