Cal. Code Regs. Tit. 10, § 5905 - Loan Application Process

(a) Upon receipt by the Office of the completed Application, the Office shall approve a request for a Loan when it finds all of the following requirements are met:

(1) The Applicant has applied for all permits necessary to complete the Project;

(2) The business is creditworthy;

(3) Any Environmental Audit supports, or does not materially adversely affect, the decision to make the Loan;

(4) Collateral and the source of repayment are sufficient for the proposed Loan; and

(5) Funds are available to meet the funding request.

(b) Where any of the conditions and requirements of this section have not been met, the Office shall deny the Application and determine what specific actions, if any, the Applicant must take to obtain further Office evaluation and review of the Application.

(c) No later than sixty (60) days from the date upon which the Office notified the Applicant that the Application is complete, the Office shall notify the Applicant of the Office's Loan decision, along with any explanation required by subsection (b) above.

(d) If the Office approves the Loan, then the Office shall be authorized to enter into a Loan Agreement which embodies the terms specified in section 5902 and any other items agreed to by the Applicant and Office.

(e) If the Office denies the Application, the Applicant shall have no right to administratively appeal the decision, but may reapply at any time.

Notes

Cal. Code Regs. Tit. 10, § 5905

1. New section filed 2-8-90 as an emergency; operative 2-8-90 (Register 90, No. 7). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed by operation of law on 8-7-90.
2. Repealed by operation of Government Code section 11346.1(g) (Register 91, No. 13).
3. New section filed 2-25-91 as an emergency; operative 2-25-91 (Register 91, No. 13). A Certificate of Compliance must be transmitted to OAL by 8-26-91 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 2-25-91 order transmitted to OAL 5-24-91 and filed 6-24-91 (Register 91, No. 40).
5. Amendment of section heading and subsection (a) filed 9-5-2000 as an emergency; operative 9-5-2000 (Register 2000, No. 36). Pursuant to Government Code section 15399.16, a Certificate of Compliance must be transmitted to OAL by 3-5-2001 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of HISTORY 5 (Register 2001, No. 10).
7. Amendment of section heading and subsection (a) refiled 3-6-2001 as an emergency; operative 3-6-2001 (Register 2001, No. 10). Pursuant to Government Code section 15399.16, a Certificate of Compliance must be transmitted to OAL by 9-4-2001 or emergency language will be repealed by operation of law on the following day.
8. Certificate of Compliance as to 3-6-2001 order transmitted to OAL 8-3-2001 and filed 9-17-2001 (Register 2001, No. 38).

Note: Authority cited: Section 15399.16, Government Code. Reference: Sections 15399.12, 15399.13, 15399.14 and 15399.15, Government Code.

1. New section filed 2-8-90 as an emergency; operative 2-8-90 (Register 90, No. 7). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed by operation of law on 8-7-90.
2. Repealed by operation of Government Code section 11346.1(g) (Register 91, No. 13).
3. New section filed 2-25-91 as an emergency; operative 2-25-91 (Register 91, No. 13). A Certificate of Compliance must be transmitted to OAL by 8-26-91 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 2-25-91 order transmitted to OAL 5-24-91 and filed 6-24-91 (Register 91, No. 40).
5. Amendment of section heading and subsection (a) filed 9-5-2000 as an emergency; operative 9-5-2000 (Register 2000, No. 36). Pursuant to Government Code section 15399.16, a Certificate of Compliance must be transmitted to OAL by 3-5-2001 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of History 5 (Register 2001, No. 10).
7. Amendment of section heading and subsection (a) refiled 3-6-2001 as an emergency; operative 3-6-2001 (Register 2001, No. 10). Pursuant to Government Code section 15399.16, a Certificate of Compliance must be transmitted to OAL by 9-4-2001 or emergency language will be repealed by operation of law on the following day.
8. Certificate of Compliance as to 3-6-2001 order transmitted to OAL 8-3-2001 and filed 9-17-2001 (Register 2001, No. 38).