File #: Int 1103-2023    Version: Name: Information on loans and grants for small businesses.
Type: Introduction Status: Enacted
Committee: Committee on Small Business
On agenda: 6/22/2023
Enactment date: 10/15/2023 Law number: 2023/137
Title: A Local Law to amend the administrative code of the city of New York, in relation to information on loans and grants for small businesses
Sponsors: Julie Menin, Farah N. Louis, Althea V. Stevens, Crystal Hudson, Sandra Ung, Kevin C. Riley, Christopher Marte, Selvena N. Brooks-Powers, Shahana K. Hanif, Marjorie Velázquez, Carlina Rivera , Kamillah Hanks, Alexa Avilés, Mercedes Narcisse, Julie Won, Linda Lee, Eric Dinowitz, Darlene Mealy
Council Member Sponsors: 18
Summary: This bill would require the Department of Small Business Services to post on its website information on selecting a bank for small businesses, including information on specialized services offered by banks for small businesses, information on typical fees, interest rates, monthly charges, or balance requirements, the advantages and disadvantages of having accounts at multiple banks, and information about Federal Deposit Insurance Corporation insurance coverage or other protections provided for small business deposits.
Attachments: 1. Summary of Int. No. 1103-A, 2. Summary of Int. No. 1103, 3. Int. No. 1103, 4. June 22, 2023 - Stated Meeting Agenda, 5. Hearing Transcript - Stated Meeting 6-22-23, 6. Minutes of the Stated Meeting - June 22, 2023, 7. Committee Report 6/28/23, 8. Hearing Testimony 6/28/23, 9. Hearing Transcript 6/28/23, 10. Proposed Int. No. 1103-A - 9/11/23, 11. Committee Report 9/14/23, 12. Hearing Transcript 9/14/23, 13. September 14, 2023 - Stated Meeting Agenda, 14. Hearing Transcript - Stated Meeting 9-14-23, 15. Minutes of the Stated Meeting - September 14, 2023, 16. Int. No. 1103-A (FINAL), 17. Fiscal Impact Statement, 18. Legislative Documents - Letter to the Mayor, 19. Local Law 137
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
10/17/2023AJulie Menin City Council Returned Unsigned by Mayor  Action details Meeting details Not available
10/15/2023AJulie Menin Administration City Charter Rule Adopted  Action details Meeting details Not available
9/14/2023AJulie Menin City Council Sent to Mayor by Council  Action details Meeting details Not available
9/14/2023AJulie Menin City Council Approved by CouncilPass Action details Meeting details Not available
9/14/2023*Julie Menin Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
9/14/2023*Julie Menin Committee on Small Business Amendment Proposed by Comm  Action details Meeting details Not available
9/14/2023*Julie Menin Committee on Small Business Amended by Committee  Action details Meeting details Not available
9/14/2023AJulie Menin Committee on Small Business Approved by CommitteePass Action details Meeting details Not available
6/28/2023*Julie Menin Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
6/28/2023*Julie Menin Committee on Small Business Laid Over by Committee  Action details Meeting details Not available
6/22/2023*Julie Menin City Council Referred to Comm by Council  Action details Meeting details Not available
6/22/2023*Julie Menin City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1103-A

 

By Council Members Menin, Louis, Stevens, Hudson, Ung, Riley, Marte, Brooks-Powers, Hanif, Velázquez, Rivera, Hanks, Avilés, Narcisse, Won, Lee, Dinowitz and Mealy

 

A Local Law to amend the administrative code of the city of New York, in relation to information on loans and grants for small businesses

 

Be it enacted by the Council as follows:

 

Section 1. Subparagraph (c) of paragraph 3 and paragraph 4 of subdivision a of section 22-1002 of the administrative code of the city of New York, such subparagraph (c) as added by and such paragraph 4 as amended by local law number 94 for the year 2022, are amended to read as follows:

(c) No later than February 1, 2025, and by no later than February 1 of each year thereafter, the commissioner shall submit to the mayor and the speaker of the council a report on any updates to the portal implemented during the preceding calendar year. Such report shall also include the number of questions or complaints the department received about the portal during the preceding calendar year, and the average time taken to respond to such questions or complaints; [and]

4. Information on loans and grants for small businesses which shall include, but need not be limited to:

(a) Guidance on selecting a lender;

(b) Information on specialized services that may be offered by banks for small businesses, such as a dedicated banking team, merchant services, business loans, or lines of credit;

(c) Information on typical fees, interest rates, monthly charges, or balance requirements;

(d) Potential advantages and disadvantages of having accounts at multiple banks; and

(e) Information about federal deposit insurance corporation insurance coverage or other protections provided for small businesses deposits; and

5. Such other tools and resources as the commissioner may deem appropriate.

§ 2. This local law takes effect in 180 days.

 

 

 

 

 

 

JEF

LS #12690

6/8/23 12:00pm