New York S 3221: Directs the department of financial services to establish a website for federal home equity conversion mortgage product comparison

Bill Text

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S03221 Summary:

BILL NOS03221 

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SAME ASNo Same As

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SPONSORKAVANAGH

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COSPNSR

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MLTSPNSR

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Amd §§3, 30 & 30-a, UDC Act; add Art 23 §§450 - 452, Ec Dev L

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Requires certain business recipients of state aid to perform an annual assessment of the business' social and environmental impact as assessed against a third party standard.

Go to top S03221 Actions:

BILL NOS03221 

&nbsp

01/24/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS03221 Committee&nbspVotes:

Go to topS03221 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03221 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3221

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the New York state urban development corporation act and
 the economic development law, in relation to requiring certain busi-
 ness recipients of state aid to perform an annual assessment of the
 business' social and environmental impact as assessed against a third
 party standard

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 3 of section 1 of chapter 174 of the laws of 1968,
 2 constituting the New York state urban development corporation act is
 3 amended by adding a new subdivision 31 to read as follows:
 4 (31) "Third party standard". A recognized standard for defining,
 5 reporting, and assessing business' social and environmental performance
 6 that:
 7 (a) assesses the effects of the business and its operations upon the
 8 following:
 9 (i) the employees and work force of the business, its subsidiaries,
 10 and its suppliers;
 11 (ii) the interests of customers as beneficiaries of the business;
 12 (iii) community and societal factors, including those of each communi-
 13 ty in which offices or facilities of the business, its subsidiaries, or
 14 its suppliers are located; and
 15 (iv) the local and global environment; and
 16 (b) is developed by an entity other than:
 17 (i) the state; or
 18 (ii) the business whose social and environmental impact is being
 19 assessed against the third party standard; and
 20 (iii) such entity shall:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06950-01-5

 S. 3221 2

 1 (A) have access to necessary expertise to assess overall business'
 2 social and environmental performance; and
 3 (B) use a balanced multi-stakeholder approach to develop the standard,
 4 including a reasonable public comment period; and
 5 (c) makes the following information publicly available:
 6 (i) the criteria considered when measuring the overall social and
 7 environmental performance of a business;
 8 (ii) the relative weightings, if any, of those criteria;
 9 (iii) the identity of the directors, officers, material owners, and
 10 the governing body of the entity that developed and controls revisions
 11 to the standard;
 12 (iv) the process by which revisions to the standard and changes to the
 13 membership of the governing body are made; and
 14 (v) an accounting of the revenue and sources of financial support for
 15 the entity, with sufficient detail to disclose any relationships that
 16 could reasonably be considered to present a potential conflict of inter-
 17 est.
 18 § 2. Section 30 of section 1 of chapter 174 of the laws of 1968,
 19 constituting the New York state urban development corporation act is
 20 amended by adding a new subdivision (d) to read as follows:
 21 (d) Report. In addition to any other requirements imposed by the act
 22 or otherwise regarding evaluations of programs administered by the
 23 corporation, the corporation shall report on an annual basis beginning
 24 October first, two thousand twenty-five, and on each October first ther-
 25 eafter, to the governor, the chairpersons of the senate committees on
 26 finance, commerce, economic development and small business, and corpo-
 27 rations, authorities and commi