New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4251 - Capital Access Program
Section 4251.9 - Auditing, compliance and reporting
Current through Register Vol. 45, No. 52, December 27, 2023
(a) The corporation or its agent shall require quarterly and annual reporting from participating financial institutions. Each report shall be in such form and provide such information as the corporation or the agent may, from time to time, prescribe, and may include, without limiting the foregoing, the following information:
(b) The corporation may conduct audits of participating financial institutions in order to ensure compliance with the provisions of applicable laws and regulations, and with respect to agreements between the participating financial institution and the corporation and the agent, all aspects of the use of program funds and program loan transactions, and any other area that the corporation determines to be relevant to the program. In the event that the corporation finds substantive noncompliance, the corporation may terminate the participating financial institution's participation in the program. Upon termination, no additional funds will be disbursed to the loan loss reserve account for the participating financial institution. Notwithstanding such termination, the participating financial institution shall remain liable to the corporation for any amount recovered on claims associated with the use of the loan loss reserve account.