California Education Code

§ 94161

EDC § 94161 Effective Jan 1, 2015Div. 10 · Title 3 · Part 59 · Ch. 2 · Art. 4.1

Statute text

(a)The authority shall establish procedures under which financial institutions may submit claims for reimbursement for losses incurred as a result of qualified loan defaults. A financial institution that charges off all or part of a qualified loan to the loss reserve account may file a claim for reimbursement with the authority if all of the following conditions are met:

(1)The claim occurs contemporaneously with the action of the financial institution to charge off all or part of the qualified loan.

(2)The charge off on a qualified loan is made in a manner that is consistent with the financial institution’s usual method for making determinations on personal loans that are not qualified loans.

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Legislative history

Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.