Cal. Code Regs. tit. 5 § 30925

Current through Register 2025 Notice Reg. No. 2, January 10, 2025

Section 30925 - Loan Payments

(a) A program participant may redeem the conditional warrant and the Commission shall make loan payments, as provided in Section 30924(d) and Section 30925(c), when:

(1) the program participant has provided documentation certifying licensure as a registered nurse in California.

(2) the program participant has provided the following employment information for each applicable year of employment subject to the loan assumption agreement:

(A) program participant's name and social security number;

(B) name of eligible registered nurse position;

(C) names and addresses of the program participant's employer(s);

(D) program participant's signature under penalty of perjury under the laws of the State of California.

(3) the program participant has provided the following employment information from his or her employers for each applicable year of employment subject to the loan participation agreement:

(A) statement that the program participant completed a year of work in an eligible position as a registered nurse on a full-time basis in a state-operated facility,

(B) statement that the employer is a state-operated facility,

(C) employer representative's printed or typed name, title, and telephone number;

(D) employer representative's signature under penalty of perjury under the laws of the State of California;

(4) the program participant has provided the following information from each lending institution on the loans subject to the loan assumption agreement (to be eligible for assumption benefits, loan(s) must be disbursed prior to the date of registered nurse license of participant):

(A) program participant's name and social security number;

(B) account number for each loan;

(C) interest rate for each loan;

(D) disbursement date for each loan;

(E) payoff amount for each loan as of June 30;

(F) indication for each loan whether the loan is delinquent or in default;

(G) lending institution/servicer name;

(H) lending institution/servicer eight-digit servicer identification code;

(I) address where payment is to be sent;

(J) a signature of the lending institution official under penalty of perjury under the laws of the State of California;

(K) printed name of the lending institution official;

(L) e-mail address of the lending institution official;

(M) telephone number of the lending institution official;

(5) the Commission has determined that the program participant has satisfied all requirements for payment to be made pursuant to the loan assumption agreement.

(b) Loan payments shall be made by lump-sum payment to the lender, to be applied directly to the principal balance, if not otherwise prohibited by applicable law or by the terms of the loan agreement between the program participant and the lender. Payments shall first be made toward loans with the highest interest rates. The program participant shall continue to make payments as required under the terms of the loans to avoid defaulting on those loans, until notified by the lenders or loan servicers that the loans are paid in full.

(c) The state-operated facility at which the participant is employed must be included on the current list provided to the Commission by the Department of Personnel Administration of facilities with a greater than 10 percent vacancy rate for registered nursing positions as of the date that the participant commences employment at the facility. If the facility is removed from the list after the date the participant commenced employment, the agreement remains valid.

Cal. Code Regs. Tit. 5, § 30925

1. New section filed 5-30-2007; operative 5-30-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 22).
2. Amendment of subsection (a), new subsection (a)(2)(B) and subsection relettering 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 70122, 70123 and 70125, Education Code.