N.Y.
Private Housing Finance Law Section 612
Compliance monitoring
1.
Any supervising agency and any corporate governmental agency that constitutes a public benefit corporation created pursuant to this chapter shall have the power to:(a)
subpoena, require the attendance of and examine and take testimony under oath of such persons as it deems necessary to monitor, and enforce compliance with, a note, mortgage, other financing agreement, regulatory agreement, deed, land disposition agreement, or restrictive covenant with or approved by such agency or corporation and entered into in connection with an action taken pursuant to this chapter, the general municipal law, the real property tax law, or the New York city zoning resolution; and(b)
subpoena and require the production of books, accounts, papers, documents and other evidence related to such monitoring and enforcement.2.
Any person who has been issued a subpoena, or any other requirement to testify or produce books and records, pursuant to subdivision one of this section, shall be required to comply with such subpoena or other requirement within a reasonable period of time established by the supervising agency or public benefit corporation that issued such subpoena. Each day in which a person fails to comply with such subpoena, or with any other such requirement to testify or produce books and records, shall constitute a separate violation of this section. The civil penalty for each such violation shall be not more than two hundred fifty dollars, provided that such penalty shall not apply to any period during which such subpoena or other requirement to testify or produce books and records is the subject of a pending judicial proceeding commenced prior to the expiration of the period of time established by such supervising agency or public benefit corporation for compliance with such subpoena or other requirement to testify or produce books and records.3.
Any such supervising agency or public benefit corporation may promulgate rules and regulations to carry out the provisions of this section.
Source:
Section 612 — Compliance monitoring, https://www.nysenate.gov/legislation/laws/PVH/612 (updated Oct. 27, 2023; accessed Oct. 26, 2024).
