Section 30924 - Loan Assumption Agreements(a) The Commission shall provide a loan assumption agreement to each applicant who has been chosen by the Commission to be a program participant. The loan assumption agreement shall be effective when both the program participant and the Commission have signed the agreement.(b) The loan assumption agreement shall include for participants who are enrolled in or admitted to an approved program, the program participant's agreements to: (1) maintain satisfactory academic progress;(2) maintain enrollment on a full-time basis each academic term;(3) apply for and obtain a license to practice as a registered nurse in California within 12 months of completing the pre-licensure nursing program;(4) obtain and maintain full-time employment, within 6 months of obtaining a California registered nurse license, for four consecutive years in an eligible position as a registered nurse in a state-operated facility, as defined in Section 30920(q); and(5) authorize the eligible institution that the applicant is attending, future employers from state operated facilities, and student loan lenders to provide information requested by the Commission for the purposes of administering the loan assumption agreement;(6) notify the Commission of starting date of employment within 2 weeks of obtaining eligible employment.(c) The loan assumption agreement shall include for participants who have completed a pre-licensure nursing program within the award year that he or she applies for the program the program participant's agreements to: (1) apply for and obtain a license to practice as a registered nurse in California within 12 months of completing the pre-licensure nursing program, if the participant has not already obtained his or her license;(2) obtain and maintain full time employment, within 6 months of obtaining a California registered nurse license, or within 6 months of entering the program if the participant holds a registered nurse license prior to entering into the program, for four consecutive years in an eligible position as a registered nurse in a state-operated facility, as defined in Section 30920(q); and(3) authorize the eligible institution that the applicant attended, future employers from state-operated facilities, and student loan lenders to provide information requested by the Commission for the purposes of administering the loan assumption agreement.(4) notify the Commission of starting date of employment within 2 weeks of obtaining eligible employment.(d) The Commission shall agree that:(1) after the program participant has completed one year of full time employment in an eligible position as a registered nurse in a state-operated facility, the Commission shall assume, subject to the requirements of Section 30925, up to five thousand dollars ($5,000) of the outstanding liability under one or more of the designated loan programs (to be eligible for assumption benefits, loan(s) must be disbursed prior to the date of registered nurse license of participant);(2) after the program participant has completed two consecutive years of full time employment in an eligible position as a registered nurse in a state-operated facility, the Commission shall assume, subject to the terms of Section 30925, up to an additional five thousand dollars ($5,000) of the participant's outstanding liability under one or more of the designated loan programs, for a total loan assumption of up to ten thousand dollars ($10,000) (to be eligible for assumption benefits, loan(s) must be disbursed prior to the date of registered nurse license of participant); and,(3) after the program participant has completed three consecutive years of full time employment in an eligible position as a registered nurse in a state-operated facility, the Commission shall assume, subject to the terms of Section 30925, up to an additional five thousand dollars ($5,000) of the participant's outstanding liability under one or more of the designated loan programs, for a total loan assumption of up to fifteen thousand dollars ($15,000) (to be eligible for assumption benefits, loan(s) must be disbursed prior to the date of registered nurse license of participant); and,(4) after the program participant has completed four consecutive years of full time employment in an eligible position as a registered nurse in a state-operated facility, the Commission shall assume, subject to the terms of Section 30925, up to an additional five thousand dollars ($5,000) of the participant's outstanding liability under one or more of the designated loan programs, for a total loan assumption of up to twenty thousand dollars ($20,000) (to be eligible for assumption benefits, loan(s) must be disbursed prior to the date of registered nurse license of participant).(e) The term of the loan assumption agreement shall be no more than 10 years from the date signed by the program participant and the Commission unless extended by the Commission in the case of serious illness, pregnancy, other natural causes or a natural disaster.(f) The loan assumption agreement shall constitute a conditional warrant that may be redeemed with the Commission as specified in Section 30925. A participant in this program shall not receive more than one loan assumption agreement.(g) The loan assumption agreement shall include the participant's certification that he or she understands: (1) The consequences of failing to comply with the loan assumption Agreement as specified in section 30926;(2) The requirements to redeem the conditional warrant as specified in section 30925;(3) The institution that the participant attends must be eligible for state and federal financial aid;(4) he or she must respond to all communications and requests from the Commission within ten business days;(5) he or she must report any change in status that may affect his or her SNAPLE NSF eligibility;(6) he or she must comply with all laws and regulations applicable to the program; and(7) If it is determined that a loan assumption payment was authorized based on misleading or incorrect information, he or she will be required to reimburse the Commission.Cal. Code Regs. Tit. 5, § 30924
1. New section filed 5-30-2007; operative 5-30-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 22).
2. Amendment redesignating former subsections (b)(A)-(F) as subsections (b)(1)-(6), (c)(A)-(D) as (c)(1)-(4) and (d)(A)-(D) as (d)(1)-(4) and adopting new subsections (g)-(g)(7) filed 6-10-2008; operative 6-10-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 24). Note: Authority cited: Section 70125, Education Code. Reference: Sections 70120, 70121, 70122, 70123 and 70125, Education Code.
1. New section filed 5-30-2007; operative 5-30-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 22).
2. Amendment redesignating former subsections (b)(A)-(F) as subsections (b)(1)-(6), (c)(A)-(D) as (c)(1)-(4) and (d)(A)-(D) as (d)(1)-(4) and adopting new subsections (g)-(g)(7) filed 6-10-2008; operative 6-10-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 24).