19460. (a) There is in the State Treasury a permanent revolving fund to be known as the Rehabilitation Revolving Loan Guarantee Fund, and to be administered by the department. The money deposited in the fund, including, but not limited to, money in any previously established account within the fund, is hereby appropriated, without regard to fiscal […]
19461. As used in this article, the following definitions apply: (a) “Department” means the Department of Rehabilitation. (b) “Eligible persons” means any of the following, provided that household income does not exceed the level prescribed for moderate-income families by the Department of Housing and Community Development pursuant to Section 50093 of the Health and Safety Code: (1) Parents […]
19462. The department shall serve as a state loan guarantee agency to guarantee loans and to administer a guaranteed loan program established pursuant to this article. The department shall guarantee any loan made pursuant to this article at 100 percent of the total amount of principal and interest of the loan in default. The department […]
19463. State guaranteed loans made pursuant to this article shall be made without regard to race, religion, creed, or sex. (Added by Stats. 1980, Ch. 810, Sec. 1.)
19464. The total amount of all outstanding debts, obligations, and liabilities which may be incurred or created under this article is limited to the amount contained in the Rehabilitation Revolving Loan Guarantee Fund, and the state shall not be liable beyond the amount contained in such fund for such debts, obligations, and liabilities. (Added by […]
19465. In the event that the amount of loans applied for under this article exceeds the amount of the loans that may be guaranteed pursuant to this article, the department may establish a system of priorities for the approval of loans. (Added by Stats. 1980, Ch. 810, Sec. 1.)
19466. The State Treasurer shall invest, pursuant to statute, any surplus money in the Rehabilitation Revolving Loan Guarantee Fund. The interest or other accretions as a result of the investment of such money shall accrue to the fund. (Added by Stats. 1980, Ch. 810, Sec. 1.)
19467. The funds in the Rehabilitation Revolving Loan Guarantee Fund shall be paid out by the State Treasurer on warrants drawn by the Controller and requisitioned by the department in carrying out the purposes of this article. (Added by Stats. 1980, Ch. 810, Sec. 1.)
19468. The department shall encourage private eligible lenders to participate in the guaranteed loan program established by this article, and shall develop and distribute in cooperation with private eligible lenders consumer information for prospective borrowers. (Added by Stats. 1980, Ch. 810, Sec. 1.)
19469. No loan in excess of fifty thousand dollars ($50,000) shall be made to any eligible person pursuant to this article. (Amended by Stats. 2005, Ch. 549, Sec. 4. Effective January 1, 2006.)
19470. The department shall adopt regulations not inconsistent with this article that, among other things, shall establish criteria for determining eligibility for loans in the guarantee program that ensure that the applicants have the ability to repay the loans (Amended by Stats. 2005, Ch. 549, Sec. 5. Effective January 1, 2006.)
19471. (a) The department may apply for a federal grant award through the federal alternative financing program established pursuant to subparagraph (D) of paragraph (2) of subsection (b) of Section 3003 of Title 29 of the United States Code and may use funds in the Rehabilitation Revolving Loan Guarantee Fund, established pursuant to Section 19460, […]
