Section 10059 - Termination and Withdrawal from the Program(a) A Participating Financial Institution shall be authorized to withdraw from the Program after giving written notice to the Authority. Such notice shall specify either: (1) that the Participating Financial Institution waives any further interest in the Loss Reserve Account (including for the reason that all Qualified Loans covered by the Loss Reserve Account have been repaid); or(2) that the Participating Financial Institution will not enroll any further loans under the Program but that the Loss Reserve Account shall continue in existence to secure all Qualified Loans enrolled prior to such notice.(b) After receipt of a notice under subsection (a)(1) or receipt of a certificate from a Participating Financial Institution which has withdrawn from the Program pursuant to subsection (a)(2), certifying that all Qualified Loans secured by the Loss Reserve Account have been repaid and that there are no pending claims for reimbursement under Section 10056, the remaining balance in the Loss Reserve Account shall be distributed to the Authority.(c) The Executive Director shall be authorized to terminate participation of a Participating Financial Institution in the Program, by notice in writing, upon the occurrence of any of the following: (1) Entry of a cease and desist order, regulatory sanction, or any other action against the Participating Financial Institution by a regulatory agency that may impair its ability to participate in the Program; or(2) Failure of the Participating Financial Institution to abide by the Law or this Article; or(3) Failure of the Participating Financial Institution to enroll any Qualified Loans under the Program for a period of one year; or(4) Provision of false or misleading information regarding the Participating Financial Institution to the Authority, or failure to provide the Authority with notice of material changes in submitted information regarding the Participating Financial Institution. In the event of such termination, the Participating Financial Institution shall not be authorized to enroll any further Qualified Loans, but all previously enrolled Qualified Loans shall continue to be covered by the Loss Reserve Account until they are paid, claims are filed, or the Participating Financial Institution withdraws from the Program pursuant to Section 10059(a).Cal. Code Regs. Tit. 4, § 10059
1. New section filed 5-4-2012 as an emergency; operative 5-4-2012 (Register 2012, No. 18). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 10-31-2012 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-29-2012 as an emergency; operative 10-29-2012 (Register 2012, No. 44). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 1-28-2013 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 1-28-2013 as an emergency, with additional amendments to NOTE; operative 1-28-2013 (Register 2013, No. 5). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 4-29-2013 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 1-28-2013 order transmitted to OAL 4-23-2013 and filed 5-22-2013 (Register 2013, No. 21). Note: Authority cited: Section 26071, Public Resources Code. Reference: Sections 26073 and 26074, Public Resources Code.
1. New section filed 5-4-2012 as an emergency; operative 5-4-2012 (Register 2012, No. 18). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 10-31-2012 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-29-2012 as an emergency; operative 10-29-2012 (Register 2012, No. 44). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 1-28-2013 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 1-28-2013 as an emergency, with additional amendments to Note; operative 1-28-2013 (Register 2013, No. 5). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 4-29-2013 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 1-28-2013 order transmitted to OAL 4-23-2013 and filed 5-22-2013 (Register 2013, No. 21).