1. (a) Loans shall be exempt as property in the month in which they are any of the following:

   1. (1) Exempt as income in accordance with Section 50533.
   2. (2) Treated as income in the month of receipt because no repayment is required.
2. (b) Loans which require repayment, except those exempted in (a)(1), shall be included in the property reserve beginning in the month of receipt.

Note: Authority cited: Sections 10725 and 14124.5, Welfare and Institutions Code. Reference: Section 14006, Welfare and Institutions Code.

History

1. Amendment filed 9-17-79 as an emergency; effective upon filing (Register 79, No. 38). A Certificate of Compliance must be filed within 120 days or emergency language will be repealed on 1-15-80.

2. Certificate of Compliance transmitted to OAH 1-8-80 and filed 1-16-80 (Register 80, No. 3).