N.Y. State Finance Law § 240: Application procedure

§ 240. Application procedure. 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.