N.Y. Private Housing Finance Law § 612: Compliance monitoring

§ 612. Compliance monitoring. 1. Any supervising agency and any

corporate governmental agency that constitutes a public benefit

corporation created pursuant to this chapter shall have the power to:

(a) subpoena, require the attendance of and examine and take testimony

under oath of such persons as it deems necessary to monitor, and enforce

compliance with, a note, mortgage, other financing agreement, regulatory

agreement, deed, land disposition agreement, or restrictive covenant

with or approved by such agency or corporation and entered into in

connection with an action taken pursuant to this chapter, the general

municipal law, the real property tax law, or the New York city zoning

resolution; and (b) subpoena and require the production of books,

accounts, papers, documents and other evidence related to such

monitoring and enforcement.

2. Any person who has been issued a subpoena, or any other requirement

to testify or produce books and records, pursuant to subdivision one of

this section, shall be required to comply with such subpoena or other

requirement within a reasonable period of time established by the

supervising agency or public benefit corporation that issued such

subpoena. Each day in which a person fails to comply with such subpoena,

or with any other such requirement to testify or produce books and

records, shall constitute a separate violation of this section. The

civil penalty for each such violation shall be not more than two hundred

fifty dollars, provided that such penalty shall not apply to any period

during which such subpoena or other requirement to testify or produce

books and records is the subject of a pending judicial proceeding

commenced prior to the expiration of the period of time established by

such supervising agency or public benefit corporation for compliance

with such subpoena or other requirement to testify or produce books and

records.

3. Any such supervising agency or public benefit corporation may

promulgate rules and regulations to carry out the provisions of this

section.