§ 454. Servicing of municipal loans by banking institutions. The municipality is authorized to make provision, either in the loan agreement or by separate agreement, for the performance by one or more banking institutions of such services as are generally performed by any such bank itself owning and holding such a loan and as may be approved by the superintendent of financial services, for which services a bank may make and collect such service charges as the superintendent shall prescribe or approve.

Terms Used In N.Y. Private Housing Finance Law 454

  • loan: shall include any grant made by a municipality pursuant to this article, provided, however, that provisions of this article concerning the repayment or forgiveness of, or security for, a loan shall not apply to any grant made pursuant to this article. See N.Y. Private Housing Finance Law 452
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