California Health and Safety Code

§ 50532

HSC § 50532 Effective Oct 1, 2001Div. 31 · Part 2 · Ch. 3.5

Statute text

The fund shall be administered by the director and any persons within the department designated by the director, in accordance with all of the following requirements:

(a)The department shall not commit more than 20 percent of the total moneys appropriated to the fund to any single borrower at any point in time.

(b)The department shall require adequate security for all loans made from the fund. For the purposes of this subdivision, “adequate security” includes, but need not be limited to, a security interest in any property purchased with fund moneys, a promissory note, or an assignment of a land option, except that in the case of Indian trust land a mortgage on a leasehold interest in the property shall be acceptable.

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Legislative history

Amended by Stats. 2001, Ch. 395, Sec. 8. Effective October 1, 2001.