240 – Application Procedure.
§ 240. Application procedure. 1. The corporation shall provide an application form to lenders for linked deposits. Such form shall reflect the qualifying information as developed by the commissioner of agriculture and markets for eligible borrowers involved in agricultural operations and as developed by the secretary of state for eligible borrowers involved in residential and […]
241 – Early Maturity.
§ 241. Early maturity. Unless otherwise agreed to by the corporation, the linked deposit shall automatically mature on the thirtieth calendar day after the occurrence of any event, monetary or non-monetary, which, whether declared by the lender or not, constitutes a default under any term or terms of the linked loan and such default remains […]
242 – Monitoring and Reporting.
§ 242. Monitoring and reporting. 1. The corporation shall require periodic reports or other information the corporation deems necessary from lenders and borrowers on the status of the linked loan and the eligible projects to ensure compliance with the provisions and the intent of this article. 2. On or before February first, two thousand ten, […]
243 – Rules and Regulations.
§ 243. Rules and regulations. The corporation may promulgate rules and regulations necessary and reasonable for the operation of the programs.
410 – Laws Repealed.
§ 410. Laws repealed. Chapter fifty-eight of the laws of nineteen hundred nine, entitled “An act in relation to state finance, constituting chapter fifty-six of the consolidated laws,” and all acts amendatory thereof, and chapter five hundred forty-five of the laws of nineteen hundred thirty-five, entitled “An act to protect investments of the state by […]
411 – When to Take Effect.
§ 411. When to take effect. This chapter shall take effect immediately.
221 – Liability; Early Repayment and Withdrawal.
§ 221. Liability; early repayment and withdrawal. Nothing contained in this article shall impose liability on the state or any of its departments or employees for payment or delays in payment of the principal or interest of a linked loan. Any delay in payments or any default on a linked loan shall in no way […]
222 – Monitoring and Report.
§ 222. Monitoring and report. 1. The commissioner of economic development shall monitor the activities of participating lenders and businesses and may require periodic reports or other information the commissioner of economic development deems necessary from participating lenders and businesses on the status of the linked loans and the projects to ensure compliance with the […]
223 – Promotion of Program.
§ 223. Promotion of program. The department, through its regional offices and with the assistance of the department of financial services and other appropriate state agencies and public benefit corporations, shall actively market and promote awareness of the program in all geographical areas of the state among banks, banking organizations, manufacturing firms, manufacturing organizations, and […]
224 – Rules and Regulations.
§ 224. Rules and regulations. The commissioner of economic development shall, in consultation with the comptroller, the commissioner of taxation and finance and the superintendent of financial services, promulgate rules and regulations necessary and reasonable for the operation of the program.