N.Y. Banking Law 228-F – Reports
§ 228-f. Reports. 1. The investment companies shall make an annual report of their conditions to the governor, the legislature and the superintendent of financial services, on or before January first of each year.
Terms Used In N.Y. Banking Law 228-F
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Highly distressed area: means : (a) a census tract or tracts or block numbering area or areas or such census tract or block numbering area contiguous thereto which, according to the most recent census data available, has:
(i) a poverty rate of at least twenty percent for the year to which the data relates or at least twenty percent of the households receiving public assistance; and
(ii) an unemployment rate of at least one and twenty-five one hundredths times the statewide unemployment rate for the year to which the data relates; or
(b) a city, town, village or county within a city with a population of one million or more for which: (i) the ratio of the full value property wealth, as determined by the comptroller for the year nineteen hundred ninety, per resident to the statewide average full value property wealth per resident; and (ii) the ratio of the income per resident, as shown in the nineteen hundred ninety census to the statewide average income per resident; are each fifty-five percent or less of the statewide average. See N.Y. Banking Law 228-B - Investment companies: means the NYSBIC and the NYSSBIC collectively. See N.Y. Banking Law 228-B
- NYSBIC: means the New York small business investment company which shall be organized and operated in conformity with Section 301(c) and applicable regulations. See N.Y. Banking Law 228-B
- NYSSBIC: means the New York specialized small business investment company which shall be organized and operated in conformity with Section 301(d) and applicable regulations. See N.Y. Banking Law 228-B
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
- Voting shareholders: means those shareholders of the NYSBIC or the NYSSBIC that contribute to the capitalization and ongoing funding of the investment companies. See N.Y. Banking Law 228-B
2. Commencing January first, nineteen hundred ninety-five, such annual report shall contain but not be limited to the following:
(a) information on the cost and source of funds and capital and the total allowable amount available from the voting shareholders, and the maximum amount committed by each individual voting shareholder;
(b) classification of the businesses in the investment companies' portfolio by standard industrial code;
(c) information on the types of financing provided by the investment companies, including start-up, venture, operating or working capital loans, the size and term of loans, and a breakdown of investments by senior debt, subordinated debt and equity financing;
(d) information on interest rates of loans, including the percentage of fixed and variable rate loans;
(e) information on how the NYSBIC is fulfilling its mission to provide small businesses with credit assistance, particularly where general economic and historical conditions have prevented traditional capital sources from extending credit to such small business;
(f) information on how the NYSSBIC is fulfilling its mission to provide credit assistance to facilitate small business ownership by minorities, persons who reside in highly distressed area and neighborhood based alliance communities and persons eligible for the earned income credit as provided by paragraph (b) of subdivision one of section two hundred twenty-eight-c of this article;
(g) information on resources and actions taken to advance the investment companies' marketing programs, including their coordination and efforts to solicit the assistance of local bankers and local economic development corporations, the state department of economic development, the job development authority, the urban development corporation, the science and technology foundation, the state university of New York small business development centers, the centers for advanced technology and other New York state agencies and organizations the investment companies deem appropriate.