Cal. Code Regs. tit. 10 § 5113

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 5113 - Accounting and Reporting

(a) Farm Lender shall establish an account which shall be used solely to record disbursements and repayments for Farm Borrower Loans and Farm Lender Loans. The account shall have separate sub-ledgers which shall correspond to each specific Farm Lender Credit Agreement and Farm Borrower Agreement. Funds shall only be withdrawn from Farm Lender Credit Agreement sub-ledgers for subsequent payment to a Farm Borrower, for payments to the trust fund account or upon written authorization of the Agency. Funds shall only be withdrawn from Farm Borrower Agreement sub-ledgers for payments to the trust fund account, to the Holder or upon written authorization of the Agency.

(b) The Farm Lender shall reconcile the two sets of sub-ledgers monthly. One set shall consist of all activities for each Farm Borrower Loan, including payment and repayment information. Farm Lender shall maintain these reconciliations at its principal place of business. The second reconciliation shall consist of all Farm Lender Loan activity. Farm Lender shall mail these reconciliations to the Agency monthly.

(c) All records established and maintained in connection with the account and its sub-ledgers shall be available upon reasonable notice for audit by the Agency or its designee, and shall be maintained for a three (3) year period following the expiration of the related Farm Lender Credit Agreement or Farm Borrower Agreement.

Cal. Code Regs. Tit. 10, § 5113

1. Repealer and new section filed 2-1-94 as an emergency; operative 2-1-94 (Register 94, No. 5). A Certificate of Compliance must be transmitted to OAL by 8-1-94 pursuant to Corporations Code section 14024 or emergency language will be repealed by operation of law on the following day. For prior history, see Register 89, No. 8.
2. Amendment filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.
3. Editorial correction of HISTORY 2 (Register 2005, No. 27).
4. Certificate of Compliance as to 12-27-2004 order, including amendment of NOTE, transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).
5. Amendment of subsections (a) and (c) filed 8-4-2008 as an emergency; operative 8-4-2008 (Register 2008, No. 32). A Certificate of Compliance must be transmitted to OAL by 2-2-2009 or emergency language will be repealed by operation of law on the following day.
6. Certificate of Compliance as to 8-4-2008 order transmitted to OAL 1-26-2009 and filed 2-19-2009 (Register 2009, No. 8).

Note: Authority cited: Section 14024, Corporations Code. Reference: Sections 14067 and 14070, Corporations Code.

1. Repealer and new section filed 2-1-94 as an emergency; operative 2-1-94 (Register 94, No. 5). A Certificate of Compliance must be transmitted to OAL by 8-1-94 pursuant to Corporations Code section 14024 or emergency language will be repealed by operation of law on the following day. For prior history, see Register 89, No. 8.
2. Amendment filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.
3. Editorial correction of History 2 (Register 2005, No. 27).
4. Certificate of Compliance as to 12-27-2004 order, including amendment of Note, transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).
5. Amendment of subsections (a) and (c) filed 8-4-2008 as an emergency; operative 8-4-2008 (Register 2008, No. 32). A Certificate of Compliance must be transmitted to OAL by 2-2-2009 or emergency language will be repealed by operation of law on the following day.
6. Certificate of Compliance as to 8-4-2008 order transmitted to OAL 1-26-2009 and filed 2-19-2009 (Register 2009, No. 8).