State Codes and Statutes

Statutes > New-york > Stf > Article-15 > 218

§  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  in paragraph (b-1) of subdivision eleven of section two hundred  thirteen of this article that are located  in  a  renewal  community  or  defined  in  paragraph  (b-2) of such subdivision that are located in an  empowerment zone or defined in paragraph (b-3) of such subdivision  that  are  located  in  an  enterprise  community,  respectively  for eligible  projects defined in paragraph (c) of subdivision twelve of  section  two  hundred thirteen of this article or to minority- or women-owned business  enterprises  for  an  eligible  project  defined  in  paragraph  (e)  of  subdivision twelve of section two hundred thirteen of this article or to  a defense industry manufacturer for a project defined in  paragraph  (d)  of  subdivision  twelve  of section two hundred thirteen of this article  shall bear interest at a fixed rate equal  to  three  percentage  points  below the fixed interest rate the lender would have charged for the loan  in   the  absence  of  a  linked  deposit  based  on  its  usual  credit  considerations.  All other linked loans shall bear interest at  a  fixed  rate  equal  to  two percentage points below the fixed interest rate the  lender would have charged for the  loan  in  the  absence  of  a  linked  deposit  based on its usual credit considerations. Lenders shall certify  to the commissioner of economic development that the rate to be  charged  on a linked loan is two percentage points or three percentage points, as  the  case  may be, below the interest rate the lender would have charged  for the loan in the absence of a linked deposit.    2. Lenders who make  loans  pursuant  to  the  program  shall  not  be  entitled  to  charge  any  discount,  points, origination fees, handling  fees, service charges, refinancing fees or penalties or any charge other  than those normally charged and in such amounts normally charged by  the  lender for loans of the type being made without regard to the program.

State Codes and Statutes

Statutes > New-york > Stf > Article-15 > 218

§  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  in paragraph (b-1) of subdivision eleven of section two hundred  thirteen of this article that are located  in  a  renewal  community  or  defined  in  paragraph  (b-2) of such subdivision that are located in an  empowerment zone or defined in paragraph (b-3) of such subdivision  that  are  located  in  an  enterprise  community,  respectively  for eligible  projects defined in paragraph (c) of subdivision twelve of  section  two  hundred thirteen of this article or to minority- or women-owned business  enterprises  for  an  eligible  project  defined  in  paragraph  (e)  of  subdivision twelve of section two hundred thirteen of this article or to  a defense industry manufacturer for a project defined in  paragraph  (d)  of  subdivision  twelve  of section two hundred thirteen of this article  shall bear interest at a fixed rate equal  to  three  percentage  points  below the fixed interest rate the lender would have charged for the loan  in   the  absence  of  a  linked  deposit  based  on  its  usual  credit  considerations.  All other linked loans shall bear interest at  a  fixed  rate  equal  to  two percentage points below the fixed interest rate the  lender would have charged for the  loan  in  the  absence  of  a  linked  deposit  based on its usual credit considerations. Lenders shall certify  to the commissioner of economic development that the rate to be  charged  on a linked loan is two percentage points or three percentage points, as  the  case  may be, below the interest rate the lender would have charged  for the loan in the absence of a linked deposit.    2. Lenders who make  loans  pursuant  to  the  program  shall  not  be  entitled  to  charge  any  discount,  points, origination fees, handling  fees, service charges, refinancing fees or penalties or any charge other  than those normally charged and in such amounts normally charged by  the  lender for loans of the type being made without regard to the program.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Stf > Article-15 > 218

§  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  in paragraph (b-1) of subdivision eleven of section two hundred  thirteen of this article that are located  in  a  renewal  community  or  defined  in  paragraph  (b-2) of such subdivision that are located in an  empowerment zone or defined in paragraph (b-3) of such subdivision  that  are  located  in  an  enterprise  community,  respectively  for eligible  projects defined in paragraph (c) of subdivision twelve of  section  two  hundred thirteen of this article or to minority- or women-owned business  enterprises  for  an  eligible  project  defined  in  paragraph  (e)  of  subdivision twelve of section two hundred thirteen of this article or to  a defense industry manufacturer for a project defined in  paragraph  (d)  of  subdivision  twelve  of section two hundred thirteen of this article  shall bear interest at a fixed rate equal  to  three  percentage  points  below the fixed interest rate the lender would have charged for the loan  in   the  absence  of  a  linked  deposit  based  on  its  usual  credit  considerations.  All other linked loans shall bear interest at  a  fixed  rate  equal  to  two percentage points below the fixed interest rate the  lender would have charged for the  loan  in  the  absence  of  a  linked  deposit  based on its usual credit considerations. Lenders shall certify  to the commissioner of economic development that the rate to be  charged  on a linked loan is two percentage points or three percentage points, as  the  case  may be, below the interest rate the lender would have charged  for the loan in the absence of a linked deposit.    2. Lenders who make  loans  pursuant  to  the  program  shall  not  be  entitled  to  charge  any  discount,  points, origination fees, handling  fees, service charges, refinancing fees or penalties or any charge other  than those normally charged and in such amounts normally charged by  the  lender for loans of the type being made without regard to the program.