5 CRR-NY 70.7NY-CRR
5 CRR-NY 70.7
5 CRR-NY 70.7
70.7 Principal reductions.
(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.
5 CRR-NY 70.7
Current through October 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.