SENATE, No. 1576

STATE OF NEW JERSEY

218th LEGISLATURE

 

INTRODUCED FEBRUARY 5, 2018

 


 

Sponsored by:

Senator  NILSA CRUZ-PEREZ

District 5 (Camden and Gloucester)

Senator  TROY SINGLETON

District 7 (Burlington)

 

 

 

 

SYNOPSIS

     Prohibits awarding of economic development subsidy to business if payment of principal and interest on previously awarded loan or loan guarantee is greater than 24 months overdue.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act concerning certain economic development subsidies and amending P.L.2015, c.167.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Section 2 of P.L.2015, c.167 (C.52:18-52) is amended to read as follows:

     2.    A State public body shall not award an economic development subsidy to a recipient business that previously received an economic development subsidy that was a loan or loan guarantee if the recipient business is in default, or the payment of principal and interest is greater than 24 months overdue, on that previously awarded loan or loan guarantee.

(cf: P.L.2015, c.167, s.2)

 

     2.    This act shall take effect immediately but shall remain inoperative for 60 days following the date of enactment.

 

 

STATEMENT

 

     This bill prohibits a State public body from awarding an economic development subsidy to a business that previously received an economic development subsidy that was a loan or loan guarantee if the payment of principal and interest on that previously awarded loan or loan guarantee is greater than 24 months overdue.