Section 326-B. Fund established; participation; other provisions

1. There
  is hereby established in the joint custody of the commissioner  and  the
  comptroller the equipment loan fund for the disabled.
    2.  Participation  in  the  loan  of  the  monies of the fund shall be
  available to all disabled persons on the  basis  of  need,  pursuant  to
  regulations of the commissioner.
    3.  The  loan  fund  shall  provide  the  disabled  with the financial
  opportunity to purchase or replace essential equipment used by them  for
  daily   living   or  vocational  functioning  following  rehabilitation,
  including,  but  not  limited  to,   prosthesis,   ramps,   wheelchairs,
  wheelchair van lifts, telecommunication devices for the deaf and hearing
  impaired, devices which allow persons who are blind or visually impaired
  to discern printed materials and adaptive equipment to permit a disabled
  person to operate a motor vehicle but not to purchase or replace a motor
  vehicle itself.
    4.  Loans shall be made available directly to the disabled person, the
  parent, legal guardian, or individual with  whom  such  disabled  person
  resides.
    5.  Where any equipment purchase is approved by the department, a loan
  shall be made in an amount not  to  exceed  four  thousand  dollars  per
  applicant.
    6.  The  commissioner shall establish regulations governing payment of
  interest, repayment periods, certification and approval of purchase, and
  such other orders,  rules  and  regulations  as  may  be  necessary  for
  interpretations, implementation or administration of this article.
    7.  During  the  first  three  years  of  operation  of  the fund, the
  department shall submit to  the  governor  and  legislature  annually  a
  summary  report  setting  forth such information as the department deems
  relevant to monitor and evaluate the progress of the fund.
    8. The fund shall consist of all monies appropriated for  the  purpose
  of  such  fund, all monies transferred to such fund pursuant to law, all
  monies required by the provisions of this section or any other law to be
  paid into or credited to this fund, and all monies, including  interest,
  paid by borrowers to the fund in repayment of loans made from the fund.
    9. Monies of the fund following appropriations made by the legislature
  and  allocation  by  the  director  of  the budget to the fund, shall be
  available solely for the purpose  of  enabling  eligible  applicants  to
  borrow  money  at  less  than  the  prevailing  rates  of  interest  for
  comparable loans.
    10. When used in this article, the term "disabled" shall mean a person
  having a disability as so defined in section two hundred  ninety-two  of
  the executive law.