Section 11010 - Terms of Loans(a) Loans made under the RRHP shall be repaid within 24 months of the date the promissory note is signed.(b) No interest or prepayment penalty shall be charged for loans made under the RRHP.(c) Payments shall be due the first day of each month.(1) The first monthly payment shall be due on the first day of the month following the month in which the loan is approved (e.g. if a loan is approved in January, the first payment shall be due February 1st).(2) The date of receipt shall be the date shown on the Post Office's cancellation mark stamped on the payment remittance envelope. Payments shall be considered late if the date shown on the Post Office's cancellation mark is later than the sixteenth day of the month.(e) Late charges, as set forth below, shall be assessed if the payment is not received by the sixteenth day of each month: Original Loan Amount | Late Penalty |
$ 1 - $1,000 | $20 |
$1,001 - $3,000 | $30 |
$3,001 - $4,000 | $40 |
Cal. Code Regs. Tit. 9, § 11010
1. New section filed 4-12-95; operative 5-12-95 (Register 95, No. 15). Note: Authority cited: Sections 11755 and 11755.2, Health and Safety Code. Reference: Section 11002, Government Code; Section 11755.2, Health and Safety Code; and Section 300 x-25, Title 42, United States Code.
1. New section filed 4-12-95; operative 5-12-95 (Register 95, No. 15).