N.Y. Comp. Codes R. & Regs. tit. 21 § 4251.9

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

Section 4251.9 - Auditing, compliance and reporting

(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:

(1) use and balance of loan loss reserve fund;

(2) information regarding all program loans covered by the loan loss reserve fund;

(3) the outstanding amount of each program loan covered by the loan loss reserve fund;

(4) the amount of interest income generated on the loan loss reserve account fund;

(5) the dollar amount, number of claims and recoveries with respect to the loan loss reserve fund;

(6) types and uses of each credit product enrolled in the loan loss reserve fund;

(7) pricing of each loan enrolled in the loan loss reserve fund;

(8) a unique program loan identifier number, the census tract and zip code of each program loan borrower's principal location in the State;

(9) for each program loan, the total amount of principal loaned and authorized as a line of credit, and of that amount, the portion that is from non-private sources;

(10) date of the initial program loan disbursement;

(11) the insurance premiums paid by each program loan borrower and the participating lender;

(12) each program loan borrower's annual revenues in the last fiscal year;

(13) each program loan borrower's full time equivalent (FTE) employees at the beginning and end of the period covered by the report;

(14) the six-digit North American industry classification system (NAICS) code for each program loan borrower's industry;

(15) the year each program loan borrower's business was incorporated;

(16) the number of jobs created or retained as a result of each program loan;

(17) with respect to each program loan, the amount of additional private financing occurring after closing of such loan, if applicable; and

(18) any other information that the corporation may require.

(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.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4251.9