NY S00571

Allows minority- and women-owned businesses to use funds from the minority and women-owned business development and lending program to refinance existing debt.

Requires the chairperson of the Urban Development Corporation to find the original debt terms unreasonable before approving refinancing.

Defines unreasonable debt terms to include demand or balloon maturity features, inappropriate maturity periods, revolving lines or credit cards, unreasonable interest rates, or over-collateralization.

Applicants must submit written justification to the corporation chairperson explaining why their current loan is not on reasonable terms.

Takes effect ninety days after enactment, with rules and regulations for implementation authorized immediately upon passage.