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§ 8078.32. Loss Reserve Accounts.

4 CA ADC § 8078.32Barclays Official California Code of RegulationsEffective: March 25, 2024

Barclays California Code of Regulations
Title 4. Business Regulations
Division 11. California Pollution Control Financing Authority (Refs & Annos)
Article 7. Capital Access Program for Small Businesses
Effective: March 25, 2024
4 CCR § 8078.32
§ 8078.32. Loss Reserve Accounts.
In addition to the requirements and procedures applicable to Loss Reserve Accounts provided in Section 8073, the following requirements and procedures shall apply only to the Collateral Support Program.
(a) A Loss Reserve Account shall be created for each Qualified Loan enrolled in the Collateral Support Program.
(b) The Authority shall recapture from each Loss Reserve Account, 100 percent of the Collateral Support at the expiration of the Term of Support for use for future Collateral Support Program cash deposits, Contributions, and administrative expenditures.
(1) The Authority shall deposit all Recaptured funds in the CalCAP for Collateral Support Program Fund dedicated solely for future program and administrative expenditures of the CalCAP for Collateral Support Program. The Authority may set aside up to 7 percent of all Recaptured funds for reasonable direct and indirect administrative costs of the Program.
(c) Upon receipt of a Default Notification from the Participating Financial Institution, the expiration of the Term of Support Recapture is suspended. Submittal of Default Notification does not suspend the Authority's withdrawal of interest and other income from the Loss Reserve Account. If the default or delinquency affecting the Qualifying Loan is subsequently resolved through a Change in Terms, settlement, or other workout which avoids charge-off of the loan, the Participating Financial Institution shall promptly withdraw the Default Notification.

Credits

Note: Authority cited: Sections 44520 and 44559.5(f), Health and Safety Code. Reference: Sections 44559.3 and 44559.8, Health and Safety Code.
History
1. New section filed 8-7-2017 as an emergency; operative 8-7-2017 pursuant to Health and Safety Code section 44520(b) (Register 2017, No. 32). A Certificate of Compliance must be transmitted to OAL by 2-5-2018 or emergency language will be repealed by operation of law on the following day, pursuant to Health and Safety Code section 44520(b).
2. Certificate of Compliance as to 8-7-2017 order transmitted to OAL 1-31-2018 and filed 3-15-2018 (Register 2018, No. 11).
3. Amendment filed 10-2-2023 as an emergency; operative 10-2-2023 (Register 2023, No. 40). A Certificate of Compliance must be transmitted to OAL by 4-1-2024 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-2-2023 order, including addition of subsection (b) designator, transmitted to OAL 2-13-2024 and filed 3-25-2024; amendments effective 3-25-2024 pursuant to Government Code section 11343.4(b)(3) (Register 2024, No. 13).
This database is current through 6/28/24 Register 2024, No. 26.
Cal. Admin. Code tit. 4, § 8078.32, 4 CA ADC § 8078.32
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