N.Y. Comp. Codes R. & Regs. tit. 18 § 728.4

Current through Register Vol. 46, No. 45, November 2, 2024

Section 728.4 - Responsibilities of the loan administrator

(a) The loan administrator is responsible for receiving applications for loans, accepting applications which are properly completed, reviewing applications to assure that they meet criteria for eligibility defined herein, and making and maintaining a record of the time and date that applications were accepted.

(b) After acceptance, the loan administrator must present the loan applications to the loan committee for its review.

(c) The loan administrator must forward each application to the loan committee in the order of time of acceptance.

(d) The loan administrator must implement the decisions of the loan committee and inform applicants of the approval or disapproval of their applications.

(e) The loan administrator must, on behalf of the fund, enter into an agreement with each successful applicant for the repayment of their loans.

(f) The loan administrator must make efforts to notify potential loan applicants of the availability of funds. Such notice shall state the date upon which loan applications must be received by the loan administrator. The notice must be designed to clearly notify disabled persons of the existence of the equipment loans fund and may be disseminated by any means which the loan administrator determines will be the most effective.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 728.4