2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 7-A - (350 - 365) COMMUNITY SENIOR CITIZENS CENTERS AND SERVICES COMPANIES
361 - Supervision and regulation.

 
    §  361. Supervision and regulation. 1. The department may from time to
  time make, alter,  amend  and  repeal  rules  and  regulations  for  the
  supervision,  examination,  regulation  and  audit  of companies and for
  carrying into effect the provisions and purposes of  this  article,  and
  each  company  shall  submit  an  annual report of its operations to the
  department and the New York  state  housing  finance  agency  which  may
  examine and audit the books and records of the company at any time.
    2.  The  department  shall  have power to act for and in behalf of the
  agency in servicing the mortgage loans of the  agency,  and  to  perform
  such functions and services in connection with the making, servicing and
  collection of such loans as shall be requested by the agency.
    3.  (a)  The  department may, with respect to any project of which the
  New York state housing finance agency has acquired the fee or otherwise,
  enter into an agreement with said agency subject to the approval of  the
  director of the budget, for the department, as provided in paragraph (b)
  hereof,  to  operate  the  said  project in a manner consistent with the
  purposes of this article. In such event, the department shall  have  the
  power  to  use  any available funds to pay all operating expenses and to
  comply with all the terms and provisions of the mortgage, as though  the
  mortgage  had  not been foreclosed, and to comply with the provisions of
  this article.
    (b) Subject to the provisions of the agreement with said  agency,  the
  department  may  contract  with any person, firm or corporation which it
  deems qualified to operate and manage such project and to  perform  such
  duties and functions as it may deem necessary.