§ 5002. Guarantee Terms.
10 CA ADC § 5002Barclays Official California Code of Regulations
10 CCR § 5002
§ 5002. Guarantee Terms.
(a) Following adoption of a resolution by its board of directors, a Corporation shall be authorized to issue a commitment letter specifying the conditions under which it will issue a Guarantee to a specified Borrower. A commitment letter for a Line of Credit Loan shall include a section describing the three (3) alternatives which exist at the maturity of the Loan. The Lender, not less than thirty (30) calendar days prior to the expiration of the Guarantee, shall notify the Corporation whether the Loan is current, whether any problems currently exist with the Loan, and the expiration date. Lender and Corporation shall agree to one of the following three (3) alternatives:
(1) Provision that the Corporation promises to pay up to ninety percent (90%) of the principal and interest on a Line of Credit Loan and Term Loan, and up to one-hundred percent (100%) of the principal and interest on a Micro Loan, or other Loan approved by the Director, subject only to the following restrictions:
(C) For a loan guarantee with a term greater than one year, a loan guarantee servicing fee not to exceed .5% of the principal amount guaranteed. The servicing fee shall be authorized to commence on the first anniversary of the effective date of the loan guarantee, and to continue annually until the guarantee is released.
Credits
Note: Authority cited: Section 14024, Corporations Code. Reference: Sections 14070, 14071 and 14072, Corporations Code.
History
1. Editorial correction of Note filed 5-19-82 (Register 82, No. 21).
2. Editorial correction filed 2-16-83 (Register 83, No. 8).
3. Amendment filed 4-12-88 as an emergency; operative 4-12-88 (Register 88, No. 18). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed on 10-11-88.
4. Amendment filed 9-19-88 as an emergency; operative 9-19-88 (Register 88, No. 39). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed on 3-20-89 and Section 5002 will be reprinted as it existed prior to 4-12-88.
5. Certificate of Compliance as to 9-19-88 order including amendment of subsection (g) filed 2-8-89 (Register 89, No. 8).
6. Repealer and new section filed 6-24-91; operative 7-24-91 (Register 91, No. 42).
7. New subsection (b)(12) filed 2-22-94; operative 2-22-94 (Register 94, No. 8).
8. Amendment of subsections (b)(1) and (b)(11) filed 6-9-97 as an emergency; operative 6-9-97 (Register 97, No. 24). A Certificate of Compliance must be transmitted to OAL by 10-7-97 or emergency language will be repealed by operation of law on the following day.
9. Reinstatement of subsections (b)(1) and (b)(11) as they existed prior to 6-9-97 emergency amendment by operation of Government Code section 11346.1(f) (Register 98, No. 30)
10. Amendment of subsections (a), (b)(1), (b)(2)-(4), (b)(9) and (b)(11) and amendment of Note filed 7-24-98; operative 7-24-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 30).
11. Amendment of subsection (b)(12) filed 2-11-2002; operative 3-13-2002 (Register 2002, No. 7).
12. Amendment of subsection (b)(4), new subsections (b)(4)(A)-(C) and amendment of Note filed 11-14-2002 as an emergency; operative 11-14-2002 (Register 2002, No. 46). Pursuant to Corporations Code section 14024 a Certificate of Compliance must be transmitted to OAL by 5-13-2003 or emergency language will be repealed by operation of law on the following day.
13. Certificate of Compliance as to 11-14-2002 order transmitted to OAL 3-5-2003 and filed 4-17-2003 (Register 2003, No. 16).
14. Amendment of subsection (b)(12) filed 7-29-2003 as an emergency; operative 7-29-2003 (Register 2003, No. 31). Pursuant to Corporations Code section 14024 a Certificate of Compliance must be transmitted to OAL by 1-26-2004 or emergency language will be repealed by operation of law on the following day.
15. Editorial correction of History 14 (Register 2003, No. 49).
16. Reinstatement of subsection (b)(12) as it existed prior to 7-29-2003 amendment by operation of Government Code section 11346.1(f) (Register 2004, No. 32).
17. Amendment of subsections (b)(8) and (b)(12) filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.
18. Editorial correction of History 17 (Register 2005, No. 27).
19. Certificate of Compliance as to 12-27-2004 order, including amendment of Note, transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 5002, 10 CA ADC § 5002
End of Document |