The rate of interest to be charged on guaranteed loans shall be negotiated between the lender and borrower. The lender shall inform the Board of agreed-upon interest rate for a loan at the time the loan is made.

Note: Authority cited: Sections 40502 and 46201, 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).