Section 1312 - Loan Agreement; Interest(a) Upon approval of an application, each applicant shall complete and sign a loan agreement provided by the division.(b) Interest shall be compounded annually at the end of each fiscal year on the unpaid balance of the loan.(c) Interest shall continue to accrue during those periods in which payment may be deferred as a result of active military duty or nonmilitary public service.Cal. Code Regs. Tit. 16, § 1312
Note: Authority cited: Section 2018, Business and Professions Code. Reference: Sections 2205, 2208 and 2210, Business and Professions Code; Section 1916, Civil Code.