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§ 8078.7. Borrower Rebate.

4 CA ADC § 8078.7Barclays 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 § 8078.7
§ 8078.7. Borrower Rebate.
(a) A Borrower shall be eligible for a Borrower Rebate of fifty (50) percent of the Contribution if the following conditions are met:
(1) The Borrower provides the Participating Financial Institution with a copy of an Electric Vehicle Charging Station Certificate of Commissioning relative to the EVCS financed;
(2) The Borrower has no more than one 30-day late payment on the Qualified Loan;
(3) The Qualified Loan has been paid off or forty-eight months have elapsed from the date of first disbursement of the Qualified Loan, whichever is sooner; and
(4) The Borrower certifies that any outstanding balance of the loan repaid at the time of application for the Borrower Rebate was not refinanced into another credit structure with any Participating Financial Institution.
(b) A Participating Financial Institution shall make the request for a Borrower Rebate as specified in subdivision (c) of this section to CPCFA within 90 calendar days after the conditions in subdivision (a) of this section have been satisfied.
(c) To make a request for a Borrower Rebate, the Participating Financial Institution shall submit a Request for Borrower Rebate form to CPCFA which shall include the following information:
(1) Name of the Participating Financial Institution.
(2) Name, address and telephone number of contact person for the Participating Financial Institution.
(3) Name, telephone number and address of the Qualified Business requesting the Borrower Rebate.
(4) Amount, date of first disbursement of the Qualified Loan and loan number.
(5) Amount of Contribution.
(6) Amount of Borrower Rebate.
(7) Date Borrower qualified for Borrower Rebate.
(8) Participating Financial Institution certification of other evidence that the conditions in subdivision (a) of this section have been satisfied.
(d) CPCFA shall authorize the payment of a Borrower Rebate within 30 calendar days of receipt of a completed request for Borrower Rebate; provided, however, that the Executive Director shall be authorized to reject a request for Borrower Rebate if he or she determines that the certifications provided by the Participating Financial Institution and Borrower at the time of enrolling the Qualified Loan were false or unsubstantiated. CPCFA shall be authorized, upon providing written notice to the Participating Financial Institution, to defer payment of a Borrower Rebate up to an additional 30 calendar days if CPCFA requires more information in order to validate the payment of the Borrower Rebate.
(e) Upon approval of a claim for Borrower Rebate, CPCFA shall instruct the Trustee to withdraw the appropriate amount from the Loan Loss Reserve Account and disburse the Borrower Rebate to the Borrower.
(f) CPCFA may, in its sole determination, authorize a Borrower Rebate upon independent verification that the Borrower has satisfied the requirements of subdivision (a) of this section in the event the Participating Financial Institution is unable or unwilling to supply the documentation needed for Borrower Rebate authorization.

Credits

Note: Authority cited: Sections 44520, 44559.5(f) and 44559.11(b), Health and Safety Code. Reference: Sections 44559.3 and 44559.11, 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 7/5/24 Register 2024, No. 27.
Cal. Admin. Code tit. 4, § 8078.7, 4 CA ADC § 8078.7
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