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§ 8078.6. Loan Loss Reserve Accounts.

4 CA ADC § 8078.6Barclays Official California Code of Regulations

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
4 CCR § 8078.6
§ 8078.6. Loan Loss Reserve Accounts.
(a) Upon the Executive Director's acceptance of an application by a Participating Financial Institution, CPCFA shall establish a Loan Loss Reserve Trust Account for that Participating Financial Institution for the following purposes:
(1) To receive all Contributions deposited from the EVCS Financing Program;
(2) To pay claims in accordance with the Claim for Reimbursement Section 8074; and
(3) To pay Borrower Rebates in accordance with Section 8078.7.
(b) All moneys in a Loan Loss Reserve Account are property of the Authority held in trust to be used only for the valid and lawful purposes of the Program as provided in the Interagency Agreement with the Energy Commission and these regulations. Interest or income earned on moneys credited to the Loan Loss Reserve Account shall be deemed to be part of the Loan Loss Reserve Account. The Executive Director shall be authorized to withdraw from the Loan Loss Reserve Trust Account all interest and income that has been credited to the Loan Loss Reserve Account. The Executive Director shall be authorized to withdraw contributions improperly deposited in a Loan Loss Reserve Account. The Executive Director shall be authorized to direct that funds be withdrawn from Loan Loss Reserve Accounts to fund qualifying Borrower Rebates.
(c) Moneys in a Participating Financing Institution's Loan Loss Reserve Account shall not exceed the outstanding principal of its enrolled loans. From time to time, the Executive Director may withdraw from the Loan Loss Reserve Account all Loan Loss Reserve contributions that exceed the amount of outstanding principal.
(d) If any Loan Loss Reserve Account is held at a Participating Financial Institution, the Participating Financing Institution shall provide monthly statements to CPCFA no later than the 15th of each month reporting all Loan Loss Reserve Account activity, and beginning and ending balances. In addition, the Participating Financial Institution shall provide information to CPCFA regarding the status of enrolled loans, claims and recoveries upon request.
(e) The Participating Financial Institution shall provide reports on the quarterly basis to CPCFA no later than the 15 days after the end of the quarter, listing all enrolled loans which are in default whether or not the Participating Financial Institution has filed a claim with CPCFA. The quarters end on March 31, June 30, September 30, and December 31.

Credits

Note: Authority cited: Sections 44520, 44559.5(f) and 44559.11(b), Health and Safety Code. Reference: Section 44559.3, Health and Safety Code.
History
1. New section filed 3-30-2015 as an emergency; operative 3-30-2015 (Register 2015, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2015 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 3-30-2015 order transmitted to OAL 9-21-2015 and filed 11-2-2015 (Register 2015, No. 45).
This database is current through 9/22/23 Register 2023, No. 38.
Cal. Admin. Code tit. 4, § 8078.6, 4 CA ADC § 8078.6
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