Section 310.1 - LimitationsThe maximum principal payment deferment period shall be five (5) years and the total loan contract term cannot exceed forty (40) years. The other limitations are as follows:
(a) Subsequent deferment periods shall not exceed two (2) years, with cumulative deferment periods being less than, or equal to, five (5) years.(b) In order to obtain a subsequent deferment the applicant shall submit a request in writing to the Department at least forty-five (45) days prior to expiration of the previous deferment. Granting a subsequent deferment shall not be automatic, but shall be granted based on current analysis of applicant's income position.(c) Applicants who qualify for normal amortized loan payments shall not be eligible for the Program.(d) Applicants applying for a farm loan shall not be eligible for participation in the Program.Cal. Code Regs. Tit. 12, § 310.1
1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7). Note: Authority cited: Section 700, Military and Veterans Code. Reference: Sections 987.56 and 987.71, Military and Veterans Code.
1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).