Section 7219.1 - Stock Transfer/Sale(a) If an incoming vendor decides to purchase stock from an outgoing vendor and the outgoing vendor had obtained an initial stock loan for which there is an outstanding loan balance, payment for the stock shall first be sent to the Department. The Department shall use the funds to offset the outgoing vendor's outstanding loan balance. The Department shall forward the remaining funds, if any, to the outgoing vendor within 45 working days of receipt of the written inventory by the Department indicating the amount and type of stock being purchased by the incoming vendor.Cal. Code Regs. Tit. 9, § 7219.1
1. New section filed 2-4-93; operative 3-8-93 (Register 93, No. 6). Note: Authority cited: Sections 19006, 19016 and 19639, Welfare and Institutions Code. Reference: Section 19629, Welfare and Institutions Code; Randolph-Sheppard Act, 20 USC 107b(5); and 34 CFR 361.42(a)(14).
1. New section filed 2-4-93; operative 3-8-93 (Register 93, No. 6).