Section 2696.24 - Applications for Coin CDFI Certification(a) Application submittal; revision; rejection. (1) An applicant shall file a completed application, on paper, using the current form provided by COIN, to apply for COIN CDFI certification.(2) Applications shall contain an original signed statement by the applicant's chief executive officer attesting that all contents of the application and supporting documents are true and complete to the best of the signer's knowledge, and acknowledging all of the following items in subdivisions (a)(2)(A) through (a)(2)(G) of this section: (A) That the program may change due to statutory, regulatory, or judicial actions.(B) That the applicant has obtained the necessary corporate authorizations and that its charter or foundational documents allow it to apply for certification and participation in the COIN program.(C) That certified CDFIs shall be private institutions, the board composition of which may not exceed 49% public officials.(D) That certification is non-transferrable.(E) That a certified CDFI that is bought, sold, merged, or otherwise has a change in control shall submit a new application.(F) That certification may be terminated as set forth in Section 2696.26.(G) That information submitted to COIN is subject to disclosure under the California Public Records Act, except as provided in Revenue and Taxation Code Sections 12209(d)(3)(B), 17053.57(c)(3)(B), 23657(C)(3)(B), and any successor, or other statutes.(3) An applicant may not change or supplement an application after an application deadline without COIN's prior consent, which may only be granted for good cause shown.(4) COIN may reject an application for any of the reasons listed in subdivisions (a)(4)(A) through (a)(4)(E) of this section: (A) The application is received after a deadline for filing applications. Applicants shall retain evidence of timely application-submittal, and may be requested to provide proof of filing.(B) The application does not contain all information and documents required by Section 2696.24(b).(C) The applicant has failed to provide information requested by COIN.(D) The applicant does not meet the requirements for certification in Section 2696.26(a).(E) The applicant is subject to the grounds for denial set forth in Sections 2696.26(g) or (h).(b) Application contents. A complete application contains of all the following applicant information and documents listed in subdivisions (b)(1) through (b)(3) of this section:
(1) General applicant information summary. (A) Name of the applicant.(B) Telephone number, fax number, business address, mailing address, and e-mail address of applicant's chief executive officer.(C) Applicant's mission statement establishing that community development is the applicant's primary mission, and brief description of the types of programs provided by the applicant (e.g.: lending or investment in urban, rural, or reservation-based communities within California).(D) Applicant's geographic service area, describing particularly areas served in California.(E) Organizational historical and background information, including services historically provided.(F) Legal organization of applicant (e.g.: incorporated private financial institution, 501(c)(3) not-for-profit corporation).(G) Taxpayer identification number, if available.(H) US Department of Treasury CDFI certification letter and status, if applicable.(I) U.S. Department of Treasury Community Development Entity (CDE) certification letter and status under the New Markets Tax Credit Program, if available.(2) Applicant CDFI information. (A) Applicant shall describe how the applicant satisfies the criteria for certification set forth in Revenue and Taxation Code Sections 12209(h)(2), 17053.57(g)(2), and 23657(g)(2); and(B) Applicant shall state whether, within five (5) years from the application date, it will change its operations or business plan such that it will no longer satisfy the certification criteria set forth in Revenue and Taxation Code Sections 12209(h)(2), 17053.57(g)(2), and 23657(g)(2).(3) Supporting documents and other information. (A) Cover letter stating how the applicant satisfies the statutory criteria referenced in Section 2696.24(b)(2)(A).(B) Narrative explanation of how the applicant implements its mission statement.(C) Formation documents for the applicant, including Articles of Incorporation and Bylaws.(D) Organizational chart.(E) List of Board of Directors membership and resumes for all board members.(F) List of corporate officers (or organizational equivalent) and officer duties, and resumes for all corporate officers.(G) Description of the process for making major decisions regarding operations, investments, expenditures and loans, including identification of the decision-makers and their roles.(H) Most recent annual report.(I) Audited financial statements for preceding three years and unaudited financial statements for the most recently concluded quarter.(J) Marketing materials for the applicant, if any.(K) California Statement of Domestic Nonprofit Corporation, if applicable.(L) Internal Revenue Code Section 501(c)(3) or 501(c)(4) determination letter, if applicable.(M) Regulatory charter, if the applicant is a financial institution subject to state or federal regulation.(N) Bank or credit union ratings by regulator.(O) CARSTM (CDFI Assessment and Ratings System) rating, if available.(P) Other documents deemed relevant by the applicant.Cal. Code Regs. Tit. 10, § 2696.24
1. New article 2 (sections 2696.24-2696.28) and section filed 6-26-2014; operative 6-26-2014 (Register 2014, No. 26). Pursuant to Revenue and Taxation Code section 12209(f)(2) this is a deemed emergency, and pursuant to Revenue and Taxation Code section 12209(f)(3) this emergency regulation "shall remain in effect until amended or repealed by the department." Note: Authority cited: Sections 12209(f), 17053.57(d) and 23657(e), Revenue and Taxation Code. Reference: Sections 12209, 17053.57 and 23657, Revenue and Taxation Code; and Sections 926.1 and 12939, 12939.1 and 12939.2, Insurance Code.
1. New article 2 (sections 2696.24-2696.28) and section filed 6-26-2014; operative 6/26/2014 (Register 2014, No. 26). Pursuant to Revenue and Taxation Code section 12209(f)(2) this is a deemed emergency, and pursuant to Revenue and Taxation Code section 12209(f)(3) this emergency regulation "shall remain in effect until amended or repealed by the department."