Section 8259 - Guaranty Application ProcessingThe department or its contractor shall review and process a guaranty application in accordance with the following procedures:
(a) Within thirty (30) working days of receipt of an application for a guaranty, the department or its contractor shall review the application and provide the applicant with written notice as to whether the applicant and proposed project are eligible to receive a guaranty, and whether the application is sufficiently complete to allow further processing. If the applicant or project is ineligible, or if the application is incomplete, the notice shall specify the steps, if any, the applicant may take to correct the identified deficiencies.(b) Within sixty (60) days of the mailing of notification that an application is eligible for further processing, the department or its contractor shall notify the applicant in writing of the department's or contractor's approval or denial of the guaranty request. If the decision is to approve the application, the applicant shall be notified of any conditions placed on the approval, and the department or its contractor shall issue a commitment to guaranty, and an executed guaranty to the lender. If the decision is to deny the application, the applicant shall be informed of the reasons for the denial.Cal. Code Regs. Tit. 25, § 8259
1. New section filed 4-16-99 as an emergency; operative 4-16-99 (Register 99, No. 16). A Certificate of Compliance must be transmitted to OAL by 10-13-99 pursuant to Education Code section 8277.6 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-1-99 as an emergency; operative 10-13-99 (Register 99, No. 40). A Certificate of Compliance must be transmitted to OAL by 2-10-2000 or emergency language will be repealed by operation of law on the following day.
3. Repealed by operation of Government Code section 11346.1(g) (Register 2000, No. 9).
4. New section filed 2-2-2001; operative 2-2-2001 pursuant to Government Code section 11343.4(c) (Register 2001, No. 5). Note: Authority cited: Section 8277.6(g), Education Code. Reference: Sections 8277.6(b) and (g), Education Code.
1. New section filed 4-16-99 as an emergency; operative 4-16-99 (Register 99, No. 16). A Certificate of Compliance must be transmitted to OAL by 10-13-99 pursuant to Education Code section 8277.6 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-1-99 as an emergency; operative 10-13-99 (Register 99, No. 40). A Certificate of Compliance must be transmitted to OAL by 2-10-2000 or emergency language will be repealed by operation of law on the following day.
3. Repealed by operation of Government Code section 11346.1(g) (Register 2000, No. 9).
4. New section filed 2-2-2001; operative 2-2-2001 pursuant to Government Code section 11343.4(c) (Register 2001, No. 5).