N.Y. Comp. Codes R. & Regs. tit. 21 § 4211.13
Current through Register Vol. 46, No. 25, June 18, 2024
(a) Applicants for business development project loans and tourism destination project loans must submit to the corporation an application fee of $100, which shall be refunded by the corporation in the event the application is withdrawn or rejected.(b) In consideration of the below market interest rate generally offered by the corporation on business development project loans and tourism destination project loans, recipients of such loans shall pay the corporation, at closing, a closing fee of up to 1.0 percent of the amount of loan. In addition, the loan recipient will be obligated to reimburse the corporation for expenses related to the making of the loan, including, but not limited to, expenses related to credit searches, appraisals, surveys, title insurance, filing fees and other expenses deemed appropriate by the corporation. The application fee paid by the recipient pursuant to subdivision (a) of this section shall be credited against the closing fee.N.Y. Comp. Codes R. & Regs. Tit. 21 § 4211.13