1. (a) The Home Loan Division shall accept offers from CalVet employees under the following conditions:

   1. (1) The employee submits an offer that is for a higher dollar amount than all other acceptable offers received;
   2. (2) The employee's financial status would not justify the denial of a loan under Section 309.1.
2. (b) CalVet shall not consummate the sale of any repossessed property to an employee of CalVet without the prior review of all acceptable offers and a sign-off by the Secretary, which shall occur within fourteen days of the receipt of the employee's application.

Note: Authority cited: Section 700, Military and Veterans Code. Reference: Sections 74, 985.2, 987.6, 987.51 and 987.78(a), Military and Veterans Code.

History

1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).

2. Change without regulatory effect amending subsection (b) and Note filed 12-2-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 49).

3. Amendment of subsections (a) and (b) filed 3-24-2026; operative 7-1-2026 (Register 2026, No. 13).