New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 23 - Not-for-profit Short-term Revolving Loan Fund › Section 23.3 - Loan application procedure

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Only a not-for-profit organization in receipt of a written directive may
				request a loan from the Not-for-Profit Short-Term Revolving Loan Fund
				(hereinafter the fund) created pursuant to section 97-jj  of the State Finance
				Law. In order to obtain a loan from the fund, a not-for-profit organization
				shall request a loan application from the State agency which has provided a
				written directive to such organization.
(b) Upon receipt of a request from a
				not-for-profit organization for a loan application, the State agency shall
				immediately provide the loan application and a repayment agreement to such
				organization. The application and the repayment agreement shall be in a form
				prescribed by the State Comptroller.
(c) The State agency, upon receipt of a
				completed application and executed repayment agreement, shall have not more
				than 15 days to make a determination recommending approval or disapproval of
				the loan application to the State Comptroller.
(d) Upon making its determination on a loan
				application submitted by a not-for-profit organization for a loan from the
				fund, the State agency shall immediately forward its determination, the
				completed application and executed repayment agreement to the State
				Comptroller. If the State agency makes a determination in accordance with
				subdivision (f) of this section, the agency shall not execute the repayment
				agreement.
(e) The State
				Comptroller, upon receipt of the completed application, executed repayment
				agreement and determination from a State agency pertaining to a loan for a
				not-for-profit organization from the fund, shall review such application and
				determination. Not more than 15 days after receipt of the application from the
				State agency, the State Comptroller shall notify the State agency and the
				not-for-profit organization whether or not the application for a loan from the
				fund has been approved. Upon approval the State Comptroller shall provide the
				loan to the not-for-profit organization.
(f) Should a State agency determine that a
				not-for-profit organization is ineligible for a loan from the fund and the
				State Comptroller agrees with this determination, the State Comptroller shall
				immediately notify the not-for-profit organization of its determination and the
				reasons therefor. If the State Comptroller disagrees with the State agency's
				determination and finds that a not-for-profit organization is eligible for a
				loan, the Comptroller shall return the repayment agreement to the agency for
				its execution. Immediately upon executing the repayment agreement the State
				agency shall return it to the Comptroller.
(g) Should the State Comptroller determine
				that a not-for-profit organization is ineligible for a loan from the fund or
				disapproves the loan application for any other reason, the State Comptroller
				shall immediately notify the not-for-profit organization and the State agency
				of its determination and the reasons therefor.