The Board may guarantee no more than ninety percent (90%) of the principal balance to be loaned. This guarantee shall obligate the Board to purchase from the lender the guaranteed portion of a loan in the event of a default, subject to the terms and conditions of the guarantee as specified in sections 18412 and 18413, and in the loan guarantee contract.

Note: Authority cited: Sections 46201 and 40502, Public Resources Code. Reference: Section 46303, Public Resources Code.

History

1. New section filed 4-2-90; operative 5-2-90 (Register 90, No. 14).

2. Change without regulatory effect amending section filed 5-17-91 pursuant to section 100, title 1, California Code of Regulations (Register 91, No. 27).