§ 75.25 Supervision and regulation.

(a) The commissioner 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 commissioner, and the New York
state housing finance agency or a lending institution if the mortgage
loan was received from such lending institution who may examine and
audit the books and records of the company at any time.

(b) The commissioner and the department of mental hygiene 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.

(c) Notwithstanding any inconsistent provision of law, general or
special, the health and mental hygiene facilities improvement
corporation is hereby authorized and empowered to render such services
as may be requested by the commissioner in the performance of his
duties, powers, and functions pursuant to the provisions of this
article. The commissioner shall reimburse the health and mental hygiene
facilities improvement corporation for the actual and necessary cost of
all services so performed.

(d) 1. The commissioner and the department of mental hygiene 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 of mental hygiene, as provided in paragraph (two) hereof,
to operate the said project in a manner consistent with the purposes of
this article. In such event, the commissioner, on behalf of the
department of mental hygiene, 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.

2. Subject to the provisions of the agreement with said agency, the
commissioner may contract with any person, firm, or corporation which he
deems qualified to operate and manage such project and to perform such
duties and functions as he may deem necessary.