New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter VIII - Office Of Waste Prevention Services
Part 70 - Public Accountancy
Section 70.7 - Principal reductions
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 70.7
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Maximum amount of principal reductions. Principal reductions provided to program recipients on loans shall be limited to $250,000 or 50 percent of the outstanding principal on a loan, whichever is less.
(b) Applications for principal reductions. In addition to the application requirements set forth in section 70.10 of this Part, applicants for principal reductions shall submit the following:
(1) a copy of the loan analysis report
prepared for the financing institution, and a copy of the financing
institution's written approval or disapproval of the loan with respect to the
applicant, if available; and
(2) a
statement signed by the applicant requesting the principal reduction and
authorizing the release of bank records, credit reports, and other pertinent
information to the department.
(c) Approval of principal reduction. A principal reduction will be approved only where the department determines that there is a reasonable assurance that the applicant will be able to repay the loan.
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