Cal. Code Regs. tit. 4 § 5340

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

Section 5340 - Monetary Assessment

Where a Program Participant fails to fulfill the requirements of the service commitment and has not been excused from the service commitement, the Applicant may recover as an assessment from the Program Participant a monetary amount equal to the lesser of the following:

(a) One-half ( 1/2) of the Program Participant's net proceeds from the sale of the related residence; or

(b) The amount of monetary benefit conferred on the Program Participant as a result of the loan or Mortgage Credit Certificate, offset by the amount of any federal recapture, as defined by 26 U.S.C. section 143(m).

Cal. Code Regs. Tit. 4, § 5340

1. New article 5 (section 5340) and section filed 7-29-2010 as an emergency; operative 7-29-2010 (Register 2010, No. 31). A Certificate of Compliance must be transmitted to OAL by 1-25-2011 or emergency language will be repealed by operation of law on the following day.
2. New article 5 (section 5340) and section refiled 1-6-2011 as an emergency; operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.
3. New article 5 (section 5340) and section refiled 4-1-2011 as an emergency; operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-1-2011 order, including amendment of NOTE, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).

Note: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.84(g), 8869.85(a) and 8869.85(b), Government Code.

1. New article 5 (section 5340) and section filed 7-29-2010 as an emergency; operative 7-29-2010 (Register 2010, No. 31). A Certificate of Compliance must be transmitted to OAL by 1-25-2011 or emergency language will be repealed by operation of law on the following day.
2. New article 5 (section 5340) and section refiled 1-6-2011 as an emergency; operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.
3. New article 5 (section 5340) and section refiled 4-1-2011 as an emergency; operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-1-2011 order, including amendment of Note, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).