Cal. Code Regs. tit. 10, § 30.801 – Loan Officers: Authority to Vary Obligation Payment Schedule

(a) A loan officer appointed pursuant to Section 14602 of the Financial Code may:
1. (1) Extend a close-ended obligation, provided, however, a close-ended obligation shall not be extended more than twice during the term of the obligation, and any one extension may not be for more than two consecutive contractual payments.
2. (2) Defer contractual payments due with respect to open-ended obligations, provided that contractual payments with respect to any open-ended obligation shall not be deferred more than once during any twelve-month period.
(b) Any extension or deferral in excess of the limitations specified in this Section shall be approved by the board of directors, the credit committee or the credit manager.

Note: Authority cited: Section 14201, Financial Code. Reference: Section 14602, Financial Code.

History

1. Change without regulatory effect renumbering former section 972 to new section 30.801 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

2. Amendment of section heading and section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).