Cal. Code Regs. tit. 5 § 30307
A termination ends the eligibility of an institution to participate in the CELP, bars the delivery by a terminated school of CELP loan proceeds, which shall be immediately returned to the lender, bars CGSL and CLAS Program CELP disbursements by a lender (or by a school lender) whether or not a guarantee was issued, and bars the guarantee of any CELP application submitted by a terminated lender or school lender.
If the emergency action has preceded the termination, then the terms of the emergency action shall be converted to a termination as set forth in this subpart.
Cal. Code Regs. Tit. 5, § 30307
Note: Authority cited: Section 69763, Education Code. Reference: 20 U.S.C. 1078(b)(2), 1078-2(a); 34 C.F.R. 682.401(c)(2)(ii), 683.31(c)(2)(ii); and Section 69763, Education Code.