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§ 10055. Loss Reserve Accounts.

4 CA ADC § 10055Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 13. California Alternative Energy and Advanced Transportation Financing Authority
Article 3. Clean Energy Upgrade Financing Program
4 CCR § 10055
§ 10055. Loss Reserve Accounts.
Currentness
(a) Upon the Executive Director's acceptance of an application by a Financial Institution under Section 10053, the Authority shall establish a Loss Reserve Account for that Participating Financial Institution for the following purposes:
(1) to receive Loss Reserve Contributions deposited by the Authority; and
(2) to pay claims in accordance with Section 10056.
(b) The Loss Reserve Account shall be held by a Program Trustee selected by the Authority.
(c) All moneys in a Loss Reserve Account are the property of the Authority. 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 as set forth below and in Section 10059.
(d) If the balance in a Participating Financial Institution's Loss Reserve Account is greater than the Participating Financial Institution's aggregate principal of its outstanding Qualified Loans for three (3) consecutive months, the Authority may withdraw the excess funds from the Participating Financial Institution's Loss Reserve Account.

Credits

Note: Authority cited: Section 26071, Public Resources Code. Reference: Sections 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 A Certificate of Compliance must be transmitted to OAL by 10-31-2012 or emergency language will be repealed by operation of law on the following day.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 of subsection (d) 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 A Certificate of Compliance must be transmitted to OAL by 1-14-2013 or emergency language will be repealed by operation of law on the following day.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 transmitted to OAL 4-23-2013 and filed 5-22-2013 (Register 2013, No. 21).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 4, § 10055, 4 CA ADC § 10055
End of Document