1. (a) loans may not exceed $300 in a single academic year and must be repaid within the academic year in which the loan was made.
2. (b) loan funds shall be held in a separate account established by the district for that purpose; collected funds and interest earned shall be credited to the loan account and all loan funds may be carried over fiscal years for the life of the loan program.
3. (c) the total amount held for the loan program may not exceed three times the amount originally set aside to establish the program. Amounts in excess of this limit, or the total amount held when the program is terminated, shall be returned to the Chancellor.

EOPS programs may establish an emergency loan program for EOPS students to meet unexpected or untimely costs for books, college supplies, transportation and housing, subject to the following provisions:

Note: Authority cited: Sections 69648 and 70901, Education Code. Reference: Sections 69640 et seq., Education Code.

History

1. Repealer and new section filed 9-24-87; operative 10-24-87 (Register 87, No.40). For prior history, see Register 83, No. 18.

2. Change without regulatory effect amending Note filed 3-15-2006 pursuant to section 100, title 1, California Code of Regulations. Submitted to OAL for printing only pursuant to Education Code section 70901.5 (Register 2006, No. 17).