21 CRR-NY 4251.6NY-CRR
21 CRR-NY 4251.6
21 CRR-NY 4251.6
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.
21 CRR-NY 4251.6
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, 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 Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.