N.Y.
Banking Law Section 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.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 § 228-C (Purposes, powers and operation)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.
Source:
Section 228-F — Reports, https://www.nysenate.gov/legislation/laws/BNK/228-F (updated Sep. 22, 2014; accessed Apr. 13, 2024).
