§ 361. Supervision and regulation. 1. The department may from time to\ntime make, alter, amend and repeal rules and regulations for the\nsupervision, examination, regulation and audit of companies and for\ncarrying into effect the provisions and purposes of this article, and\neach company shall submit an annual report of its operations to the\ndepartment and the New York state housing finance agency which may\nexamine and audit the books and records of the company at any time.\n 2. The department shall have power to act for and in behalf of the\nagency in servicing the mortgage loans of the agency, and to perform\nsuch functions and services in connection with the making, servicing and\ncollection of such loans as shall be requested by the agency.\n 3. (a) The department may, with respect to any project of which the\nNew York state housing finance agency has acquired the fee or otherwise,\nenter into an agreement with said agency subject to the approval of the\ndirector of the budget, for the department, as provided in paragraph (b)\nhereof, to operate the said project in a manner consistent with the\npurposes of this article. In such event, the department shall have the\npower to use any available funds to pay all operating expenses and to\ncomply with all the terms and provisions of the mortgage, as though the\nmortgage had not been foreclosed, and to comply with the provisions of\nthis article.\n (b) Subject to the provisions of the agreement with said agency, the\ndepartment may contract with any person, firm or corporation which it\ndeems qualified to operate and manage such project and to perform such\nduties and functions as it may deem necessary.\n
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