§ 10053. Application by Financial Institution.
4 CA ADC § 10053Barclays Official California Code of Regulations
4 CCR § 10053
§ 10053. Application by Financial Institution.
(6) A detailed description of the loan program to finance Eligible Improvements, including, but not limited to anticipated loan product details, such as collateral required (if any), maximum and minimum loan amounts, interest rates (whether fixed or variable), loan terms, property type, and underwriting criteria including FICO score and debt-to-income ratio.
(8) The mechanism by which cost savings produced by this Program are passed on to the Borrowers in the form of lower cost financing. This includes a comparison of interest rates and loan terms between existing loan products for Eligible Improvements and the interest rates the Financial Institution anticipates providing if a Qualified Loan is enrolled in the Program. If the Financial Institution does not have an existing loan product for energy efficiency or renewable energy installations, a comparison should be made of the interest rates and loan terms between other similar loan products and the proposed loan program. Include additional benefits associated with enrolling Qualified Loans in the Program, such as expanded loan terms and underwriting criteria.
(9) Certification that the applicant Financial Institution is not subject to a cease and desist order or other regulatory sanction with the appropriate federal or state regulatory body, which would impair its ability to participate in the Program. This provision is not required if the Financial Institution is a municipal utility district as described in Section 12850 of the Public Utilities Code.
(11) The Financial Institution's agreement to permit an audit of any of its records relating to enrolled Qualified Loans, during normal business hours on its premises, by the Authority or its agents, and to supply such other information concerning enrolled Qualified Loans as shall be requested by the Executive Director.
(b) Upon receipt of a completed application, the Executive Director will within ten (10) business days review and determine whether additional information is required, or whether the application is sufficient to permit the applicant to be a Participating Financial Institution. The Executive Director's decision whether an application is sufficient shall be final.
Credits
Note: Authority cited: Section 26071, Public Resources Code. Reference: Sections 26072, 26073 and 26074, Public Resources Code.
History
1. New section filed 5-4-2012 as an emergency; operative 5-4-2012 (Register 2012, No. 18). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 10-31-2012 or emergency language will be repealed by operation of law on the following day.
2. Amendment filed 7-16-2012 as an emergency; operative 7-16-2012 (Register 2012, No. 29). Pursuant to Public Resources Code section 26131 this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 1-14-2013 or emergency language will be repealed by operation of law on the following day.
3. New section, including 7-16-2012 amendments, refiled 10-29-2012 as an emergency; operative 10-29-2012 (Register 2012, No. 44). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 1-28-2013 or emergency language will be repealed by operation of law on the following day.
4. New section, including 7-16-2012 amendments, refiled 1-28-2013 as an emergency, with additional amendments to Note; operative 1-28-2013 (Register 2013, No. 5). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 4-29-2013 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 1-28-2013 order, including further amendments, transmitted to OAL 4-23-2013 and filed 5-22-2013; amendments operative 5-27-2013 pursuant to Government Code section 11343.4(b)(3) (Register 2013, No. 21).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 4, § 10053, 4 CA ADC § 10053
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