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Does the bank have any responsibility to NYSERDA to track whether or not the loan payments are being used for energy-efficiency improvements?

April 26, 2017Bank improvements loan nyserda PAYMENTS responsibility track Used

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Does the bank have any responsibility to NYSERDA to track whether or not the loan payments are being used for energy-efficiency improvements?

1 Answer

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No, the lender is only responsible to follow the loan for prepayments or default and to notify NYSERDA if either event occurs. In either of these instances, the lender would be required to pay back a pro rata amount of the subsidy payment.