§ 8078.18. Loss Reserve Accounts.
4 CA ADC § 8078.18Barclays Official California Code of Regulations
4 CCR § 8078.18
§ 8078.18. Loss Reserve Accounts.
(b) All moneys in a 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 by these regulations. Interest or income earned on moneys credited to the Loss Reserve Account shall be deemed to be part of the Loss Reserve Account. The Executive Director shall be authorized to withdraw from the Loss Reserve Account all interest and income that has been credited to the Loss Reserve Account. The Executive Director shall be authorized to withdraw Contributions improperly deposited in a Loss Reserve Account.
(e) If any Loss Reserve Account is held at a Participating Financial Institution, the Participating Financial Institution shall provide monthly statements to CPCFA no later than the 15th of each month reporting all 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.
(f) The Participating Financial Institution shall provide reports on a quarterly basis to CPCFA no later than 15 days after the end of each quarter, listing the status of all enrolled loans, claims and recoveries 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, 44559.11 and 44559.14, Health and Safety Code. Reference: Section 44559.2, Health and Safety Code.
History
1. New section filed 12-22-2016 as an emergency; operative 12-22-2016 (Register 2016, No. 52). This filing is deemed an emergency pursuant to Health and Safety Code section 44520(b) and 44559.14(e). A Certificate of Compliance must be transmitted to OAL by 6-20-2017 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-22-2016 order transmitted to OAL 6-19-2017 and filed 7-26-2017 (Register 2017, No. 30).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 4, § 8078.18, 4 CA ADC § 8078.18
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