N.Y. UDG Law § 6
This is the official text of N.Y. UDG Law § 6, part of New York’s UDG Law — part of the compiled statutory law of New York, published by the state as "UDG Law." Browse the sections below, each linked to its official government source.
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Loan guarantee fund
Official statutory text
§ 6. Loan guarantee fund. The fund shall establish a loan guarantee\nfund. The loan guarantee fund shall be a non-lapsing, revolving fund to\nbe used for the purpose of carrying out the provisions of this act. To\nsuch loan guarantee fund shall be charged payments required by loan\ndefaults. To such loan guarantee fund shall be credited all receipts of\nthe fund, other than receipts allocated for the payment of current\noperating expenses, including loan guarantee premiums, gifts, grants or\nloans, proceeds of the sale of debentures by the fund, and proceeds from\nthe sale, disposal, lease or rental of real or personal property which\nthe fund may receive under the provisions of this act. Monies of the\nloan guarantee fund, not needed to meet current obligations of the fund,\nshall be deposited to the credit of such loan guarantee fund and may be\ninvested as the directors of the fund shall determine.\n
Status: in_force · Read it on the official government site
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