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§ 9074. Information to Be Submitted by the Candidate to the Authority.

4 CA ADC § 9074Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 12. California Educational Facilities Authority (Refs & Annos)
Chapter 3. Qualified Scholarship Funding Corporations
4 CCR § 9074
§ 9074. Information to Be Submitted by the Candidate to the Authority.
Currentness
A Candidate seeking approval under this chapter must submit sufficient information to the Authority in order for the Authority to determine that the Candidate meets the threshold criteria of Section 9072(b) to be considered an Eligible Candidate, and must also submit the following information to the Authority to assist the Authority in making that determination:
(a) Organizational Information.
(1) An overview of the Candidate, including ownership structure and all related entities.
(2) A description of the present student loan activity and past student loan experiences of the Candidate and, if applicable, its parent corporation.
(3) The Candidate's articles of incorporation and bylaws.
(4) Audited financial statements for each of the last three fiscal years.
(5) A resume for each board member and all key personnel, including but not limited to the chief executive officer and the chief financial officer, which must include relevant work experience, academic qualifications, and proposed responsibilities.
(6) A description of partnerships with public or private organizations that would assist the entity in promoting access to post-secondary education for California residents.
(7) A copy of the tax-exemption letter from the Internal Revenue Service and a copy of the tax-exemption letter or Letter of Good Standing from the California State Franchise Tax Board.
(8) Certificate of Status of Domestic Corporation from the Secretary of State.
(b) Presence in California.
(1) A description of the Candidate's current business activities or operations being conducted in California.
(2) A description of the Candidate's business plan.
(3) The volume of student loans the Candidate reasonably anticipates making or purchasing as a result of receiving tax-exempt bond financing.
(4) The criteria, standards, terms and conditions anticipated for the programs and services to be provided by the Candidate.
(5) A description of where and how the Candidate would originate, service and/or purchase student loans.
(c) Legal Status.
(1) Disclosure of (A) criminal matters involving the Candidate, (B) civil matters involving the Candidate that may have an impact on the Candidate's legal or financial status, and (C) proceedings, investigations, or other matters involving federal, state or local regulatory agencies that may impact the Candidate's legal or financial status.
(2) Documents explaining or supporting items listed in subsection (1).
(d) If the Eligible Candidate is owned or controlled by, operated under common control with, a for-profit entity, documents demonstrating to the Authority in its discretion, that the Eligible Candidate will provide a public benefit that is not already being met by a Qualified Scholarship Funding Corporation, such as a grant program for financially needy students or an outreach program encouraging high school students to attend college and obtain an undergraduate degree.
(e) Any additional information requested by Authority staff that is related to the criteria listed in Section 9073.

Credits

Note: Authority cited: Section 94140, Education Code. Reference: Section 94103, Education Code; and Sections 8869.82 and 8869.85, Government Code.
History
1. New section filed 4-24-2007; operative 5-24-2007 (Register 2007, No. 17).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 4, § 9074, 4 CA ADC § 9074
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