§ 240 — Application procedure

§ 240. Application procedure. 1. The corporation shall provide an\napplication form to lenders for linked deposits. Such form shall reflect\nthe qualifying information as developed by the commissioner of\nagriculture and markets for eligible borrowers involved in agricultural\noperations and as developed by the secretary of state for eligible\nborrowers involved in residential and small business on-site wastewater\ntreatment system projects. The lender shall forward the completed\napplication, its finding that the borrower is creditworthy, and the\ninterest rate certification required pursuant to section two hundred\nthirty-nine of this article, to the corporation which, in consultation\nwith the state or the department of agriculture and markets, shall\neither approve or reject the application within thirty days. Upon\napproval of any project application, the department of environmental\nconservation shall list such project on the intended use plan pursuant\nto section 17-1909 of the environmental conservation law. Failure to\napprove within thirty days shall be deemed a rejection of any\napplication. The corporation shall evaluate each application based upon\nthe availability of funds for the linked deposit.\n 2. If the linked loan application receives the approval of the\ncorporation's board and any other approvals required by state or federal\nlaw, the corporation shall deposit funds with the lender pursuant to the\nterms of a written deposit agreement or an appropriate agreement with a\nfarm credit system institution, as the corporation and lender shall\ndetermine.\n