[§211D-8]  State's rights with respect toreserve account.  (a)  All of the money in a reserve account establishedunder this chapter is property of the State.

(b)  The State is entitled to earn interest onthe amount of contributions made by the department, borrower, and institutionto a reserve account under this chapter.  The department shall withdraw monthlyor quarterly from a reserve account the amount of the interest earned by theState.  The department shall deposit the amount withdrawn under this sectioninto the fund.

(c)  If the amount in a reserve account exceedsan amount equal to thirty-three per cent of the balance of the financialinstitution's outstanding capital access loans, the department may withdraw theexcess amount and deposit the amount in the fund.  A withdrawal of moneyauthorized under this subsection may not reduce an active reserve account to anamount that is less than $200,000.

(d)  The department shall withdraw from theinstitution's reserve account the total amount in the account and any interestearned on the account and deposit the amount in the fund when:

(1)  A financial institution is no longer eligible toparticipate in the program or a participation agreement entered into under thischapter expires without renewal by the department or institution; and

(2)  The financial institution has no outstandingcapital access loans. [L 2000, c 290, pt of §2]