1. (a) Each enrolled PACE Program may withdraw from the Program after giving written notice to the Authority. The notice shall specify either:

   1. (1) That the enrolled PACE Program waives any further interest in the loss reserve pool (including for the reason that all Financings covered by the loss reserve pool have been repaid); or,
   2. (2) That the enrolled PACE Program will not enroll any further Financings under the Program but shall continue to count on the loss reserve pool to secure all Financings reported prior to the notice.

2. (b) The Executive Director may terminate participation of an enrolled PACE Program in the Program, by notice in writing, upon the occurrence of any of the following:

   1. (1) Entry of a cease and desist order, regulatory sanction, or any other action against the PACE Program that may impair its ability to participate in the Program; or
   2. (2) Failure of the enrolled PACE Program to abide by any applicable law, including these regulations; or
   3. (3) Failure of the enrolled PACE Program to report any Financings under the Program for a period of one year; or

   4. (4) Provision of false or misleading information regarding the enrolled PACE Program to the Authority, or failure to provide the Authority with notice of material changes in submitted information regarding the enrolled PACE Program.

      In the event of termination, the enrolled PACE Program shall not be authorized to have any further Financings covered by the loss reserve pool, but all previously enrolled Financings shall continue to be covered by the loss reserve pool until they are paid, claims are filed, or the enrolled PACE Program withdraws from the Program pursuant to this section.

Note: Authority cited: Section 26009, Public Resources Code. Reference: Sections 26050, 26050.5, 26052, 26055 and 26060, Public Resources Code.

History

1. New section filed 3-10-2014 as an emergency; operative 3-10-2014 (Register 2014, No. 11). A Certificate of Compliance must be transmitted to OAL by 9-8-2014 or emergency language will be repealed by operation of law on the following day.

2. New section refiled 9-8-2014 as an emergency; operative 9-8-2014 (Register 2014, No. 37). Pursuant to Public Resources Code section 26009, this filing is conclusively presumed to be necessary for the immediate preservation of the public peace, health, safety, or general welfare within the meaning of Government Code section 11346.1. A Certificate of Compliance must be transmitted to OAL by 12-8-2014 or emergency language will be repealed by operation of law on the following day.

3. New section refiled 12-5-2014 as an emergency; operative 12-5-2014 (Register 2014, No. 49). Pursuant to Public Resources Code section 26009, this filing is conclusively presumed to be necessary for the immediate preservation of the public peace, health, safety, or general welfare within the meaning of Government Code section 11346.1. A Certificate of Compliance must be transmitted to OAL by 3-5-2015 or emergency language will be repealed by operation of law on the following day.

4. Amendment of subsections (a)(1)-(2) and (b)(3) and last paragraph filed 12-15-2014 pursuant to section 100(a)(6), title 1, California Code of Regulations; operative 1-1-2015 pursuant to section 100(a)(6), title 1, California Code of Regulations (Register 2014, No. 51).

5. Certificate of Compliance as to 12-5-2014 order transmitted to OAL 2-25-2015 and filed 4-6-2015 (Register 2015, No. 15).