New York Codes, Rules and Regulations
Title 18 - DEPARTMENT OF SOCIAL SERVICES
Chapter XX - Youth Facilities Project Guarantee Fund
Part 1002 - Terms And Conditions For Guarantee Of A Loan Of A Lending Institution
Section 1002.1 - Required checking account
Universal Citation: 18 NY Comp Codes Rules and Regs ยง 1002.1
Current through Register Vol. 46, No. 12, March 20, 2024
An applicant for the guarantee of a loan by the fund shall agree to open, and if its loan is guaranteed by the fund shall open and maintain a separate checking account exclusively for the proceeds of a loan in a bank insured by the Federal Deposit Insurance Corporation. All withdrawals from such account shall be by checks drawn on the account which shall be consecutively numbered, and shall bear the signatures of the two persons who have been previously approved by the fund to sign checks on behalf of the applicant-borrower.
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