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NY A00184
Bill
Status
Introduced
1/4/2023
Primary Sponsor
William Magnarelli
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AI Summary
- Amends the Not-for-Profit Corporation Law to expand the powers of land banks to include lending money and making grants
- Authorizes land banks to take and hold real and personal property as security for repayment of loaned funds or enforcement of grant agreements
- Clarifies that subsidiaries of land banks organized as charitable not-for-profit corporations or single-member limited liability companies must maintain consolidated reporting with the parent land bank unless separately operated
- Restricts land bank subsidiaries from issuing bonds or public debt, though they may issue debt to their parent land bank
- Takes effect immediately upon enactment
Legislative Description
Authorizes land banks to lend money, to make grants and take and hold real and personal property as security for the payment of funds so loaned or for the performance and enforcement of grant agreements.
Last Action
referred to local governments
1/3/2024
Committee Referrals
Local Governments1/4/2023
Full Bill Text
No bill text available