New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXVII - State Of New York Mortgage Agency
Part 2252 - Prompt Payment Policy
Section 2252.4 - Reports

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 2252.4

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Statement filing. Within 30 days of the adoption of this statement, and of any amendments hereto, the agency shall file copies with the State Comptroller, the State Director of the Budget, the Chairman of the Senate Finance Committee and the Chairman of the Assembly Ways and Means Committee.

(b) Annual report. Within 90 days after the end of each fiscal year, commencing with the fiscal year ending March 31, 1989, the agency shall prepare an annual report on the scope and implementation of this prompt payment policy, including, but not limited to:

(1) a listing of the types or categories of contracts which the agency entered into during the 12-month period of the report with an indication whether each such contract was subject to the prompt payment requirements, and if not, why not;

(2) the number and amount of interest payments made for contracts, arranged according to each such type or category;

(3) the number of interest chargeable days, and the total number of days taken to process each late contract payment; and

(4) a summary of the principal reasons why such late payments had to be made.

Copies of this report shall be filed with the State Comptroller, the State Director of the Budget, the Chairman of the Senate Finance Committee and the Chairman of the Assembly Ways and Means Committee.

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