New York State Finance Law Article 15 - EXCELSIOR LINKED DEPOSIT ACT

• 212 - Short Title.
  This article shall be known and may be cited as the "excelsior linked deposit act".
• 213 - Definitions.
  When used in this article, unless a different meaning clearly appears from the context, the following terms shall have the following meanings: 1. "Authorized depositor"...
• 214 - Establishment and Purpose; Linked Deposit Program Authorization.
  The excelsior linked deposit program is hereby created. The purpose of the program is to encourage and assist eligible businesses within the state to undertake...
• 215 - Responsibilities of Commissioner of Economic Development, Comptroller, Commissioner of Taxation and Finance and Superintendent of Financial Services.
  1. The commissioner of economic development shall administer the program pursuant to section two hundred nineteen of this article, including all decisions with respect to...
• 216 - Term of Program.
  1. The program shall exist for a term which expires on the date this article expires pursuant to chapter seven hundred five of the laws...
• 217 - Linked Loans.
  Linked loans shall be made by lenders pursuant to the program only to eligible businesses in connection with eligible projects. A linked loan shall be...
• 218 - Interest Rate for Linked Loans; No Lender's Fees.
  1. Linked loans made to certified businesses in empire zones or to eligible businesses in highly distressed areas or to eligible businesses that are defined...
• 219 - Application Procedure.
  1. The commissioner of economic development shall establish procedures and other requirements for participation in the program, and shall provide a simplified application form to...
• 220 - Renewal of Linked Deposit.
  A lender may, on behalf of a borrower, apply to the commissioner of economic development to request a renewal of the linked deposit for an...
• 221 - Liability; Early Repayment and Withdrawal.
  Nothing contained in this article shall impose liability on the state or any of its departments or employees for payment or delays in payment of...
• 222 - Monitoring and Report.
  1. The commissioner of economic development shall monitor the activities of participating lenders and businesses and may require periodic reports or other information the commissioner...
• 223 - Promotion of Program.
  The department, through its regional offices and with the assistance of the department of financial services and other appropriate state agencies and public benefit corporations,...
• 224 - Rules and Regulations.
  The commissioner of economic development shall, in consultation with the comptroller, the commissioner of taxation and finance and the superintendent of financial services, promulgate rules...

Last modified: February 3, 2019