New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4251 - Capital Access Program
Section 4251.6 - Loan loss reserve account
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4251.6
Current through Register Vol. 46, No. 12, March 20, 2024
(a) All amounts in a loan loss reserve fund shall be deposited:
(1) if the participating financial
institution is a regulated depository financial institution, in a depository
account at said participating financial institution; or
(2) if the participating financial
institution is not a regulated depository financial institution, in a
depository account at a regulated depository financial institution satisfactory
to the corporation. Earnings of interest from the principal of said loan loss
reserve fund account shall be:
(i) maintained
in the said account and held as additional loan loss reserves for program
loans; and
(ii) available to the
corporation or the agent at any time and from time to time, to be used to
defray the costs of administering the program incurred by the corporation or
its agent or to replenish the loan loss reserve account of the corporation or
its agent.
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