N.Y. Comp. Codes R. & Regs. tit. 21 § 4251.6

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4251.6 - Loan loss reserve account

(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.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4251.6