Stern’s Legislation to Aid Veterans on Home Ownership, Business

Legislation sponsored by State Assemblyman Steve Stern will protect veterans against fraud and support veterans who are business owners, Stern and Suffolk County Executive Steve Bellone said Thursday.

One piece of legislation protects prospective homebuyers, who are veterans using a VA loan, from fraud by ensuring access to educational services. The legislation requires that the New York State Department of Veterans’ Services provide loan counseling and assistance so that applicants are fully aware of the terms and conditions of the loan before signing financing agreements.

The second piece of the provides certified service-disabled veteran-owned business enterprises to obtain reduced rate financing to expand their operations. Those business owners will be able participate in the Excelsior Linked Deposit Program, which helps businesses to obtain reduced rate financing for investments.

“As a member of the New York State Assembly Committee on Veterans’ Affairs, it is my privilege
to work with and for the brave men and women who have sacrificed so much to protect our great
nation and for their families,” Stern said. “That’s why I was so proud to sponsor and pass three critically important pieces of legislation that provide both economic opportunity and vital financial protection for our hometown heroes.”

A third bill establishes the New York State Task Force on Veteran Employment Opportunities, which will hold annual public hearings and make recommendations to the State Legislature on ways that the state can assist veterans in finding and maintaining employment opportunities.

The  bipartisan legislative initiatives were unanimously approved by the State Legislature and signed into law by Gov. Kathy Hochul.

“Suffolk County has the highest population of veterans in New York State and we owe it to each
of these brave men and women to give them the recognition and support that they deserve when
they return home,” Bellone said. “They put their lives on the line to protect our freedoms so it’s only right we repay that debt in any way we can. I would like to thank Assemblyman Stern for his continued support to help assist our local veterans.”

“Far too many veterans are targeted by unscrupulous mortgage brokers and loan companies when
they apply for VA loans during the homebuying process,” said Assemblyman Stern. “It is
absolutely unacceptable that servicemembers are being subjected to fraud and abuse by bad actors looking to make a quick buck. This legislation will protect our veterans’ financial interests and ensure that they obtain financing that is fair, honest and tailored to their individual needs.”

“Veterans, who have already given so much for our nation and our communities, should not face
unreasonable challenges when they return home,” said Tom Ronayne, director of the Suffolk County Office of Veterans’ Services. “Entrepreneurship and business ownership are areas where veterans tend to excel and with the leadership of Assemblyman Stern and County Executive Bellone, today’s announcement will ensure that veterans encounter fewer barriers to funding and accessing necessary capital to drive these businesses.”

“Assemblyman Steve Stern’s advocacy and commitment to our veterans, from his time as a Suffolk
County Legislator to today in the New York State Assembly, continues with these three critically
important pieces of legislation,” said Suffolk County Legislator Tom Donnelly. “As the son of
a World War II veteran, I am proud to stand side-by-side with him as he continues to lead the
charge in providing support, through legislation and funding, to our American heroes.”

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