Skip to main content

New York Consolidated Laws, State Finance Law - STF § 240. Application procedure

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

1. The corporation shall provide an application form to lenders for linked deposits.  Such form shall reflect the qualifying information as developed by the commissioner of agriculture and markets for eligible borrowers involved in agricultural operations and as developed by the secretary of state for eligible borrowers involved in residential and small business on-site wastewater treatment system projects.  The lender shall forward the completed application, its finding that the borrower is creditworthy, and the interest rate certification required pursuant to section two hundred thirty-nine of this article, to the corporation which, in consultation with the state or the department of agriculture and markets, shall either approve or reject the application within thirty days.  Upon approval of any project application, the department of environmental conservation shall list such project on the intended use plan pursuant to section 17-1909 of the environmental conservation law.  Failure to approve within thirty days shall be deemed a rejection of any application.  The corporation shall evaluate each application based upon the availability of funds for the linked deposit.

2. If the linked loan application receives the approval of the corporation's board and any other approvals required by state or federal law, the corporation shall deposit funds with the lender pursuant to the terms of a written deposit agreement or an appropriate agreement with a farm credit system institution, as the corporation and lender shall determine.

Cite this article: - New York Consolidated Laws, State Finance Law - STF § 240. Application procedure - last updated January 01, 2021 |

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard