Cal. Code Regs. tit. 23 § 3422

Current through Register 2024 Notice Reg. No. 49, December 6, 2024

Section 3422 - Loan Eligibility

An applicant shall be eligible for a loan upon the determination of the Board of all of the following:

(a) The applicant is an existing small business that owns or operates the project tanks;

(b) The applicant is in compliance with the financial responsibility requirements specified in sections 25292.2 and 25299.31 of the Health and Safety Code and with Subchapter IX (commencing with section 6991) of chapter 82 of title 42 of the United States Code, as it may be amended or supplemented, and the regulations adopted pursuant to that subchapter;

(c) All tanks owned or operated by applicant, except for the project tanks, are in compliance with chapter 6.7 of division 20 of the Health and Safety Code, section 41954 of the Health and Safety Code, and implementing regulations;

(d) The project tanks are in compliance, or will be in compliance after the completion of the project, with chapter 6.7 of division 20 of the Health and Safety Code, section 41954 of the Health and Safety Code, and implementing regulations;

(e) The applicant demonstrates the ability to repay the loan, and the availability of adequate collateral to secure the loan.

(f) The total principal balance on RUST Program loans currently owed by the applicant at the time of the application is less than seven hundred forty thousand dollars ($740,000).

Cal. Code Regs. Tit. 23, § 3422

1. New section filed 12-3-2004 as an emergency; operative 12-3-2004 (Register 2004, No. 49). A Certificate of Compliance must be transmitted to OAL by 6-1-2005 pursuant to Health and Safety Code section 25299.108 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-3-2004 order transmitted to OAL 5-31-2005 and filed 7-13-2005 (Register 2005, No. 28).
3. Amendment of section heading, section and NOTE filed 3-6-2023; operative 7-1-2023 (Register 2023, No. 10).

Note: Authority cited: Section 25299.108, Health and Safety Code. Reference: Sections 25299.101 and 25299.102, Health and Safety Code.

1. New section filed 12-3-2004 as an emergency; operative 12-3-2004 (Register 2004, No. 49). A Certificate of Compliance must be transmitted to OAL by 6-1-2005 pursuant to Health and Safety Code section 25299.108 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 12-3-2004 order transmitted to OAL 5-31-2005 and filed 7-13-2005 (Register 2005, No. 28).
3. Amendment of section heading, section and Note filed 3-6-2023; operative 7/1/2023 (Register 2023, No. 10).