California Military and Veterans Code

§ 987.59

MVC § 987.59 Effective Jan 1, 2022Div. 4 · Ch. 6 · Art. 3.1

Statute text

(a)When a veteran has been authorized by the department to select a farm or home, the veteran shall submit that selection for approval, as the department prescribes. The department shall have the sole responsibility for the underwriting and approval of all farm or home loans, subject to this article.

(b)In order to achieve efficient processing and approval of loans, the department shall do all of the following:

(1)The department shall establish all systems, procedures, technologies, and guidelines necessary to achieve efficient processing of farm or home loans submitted for approval by the department, with the intent of achieving loan delivery within the industry standard average number of days. These shall include, but may not be limited to, systems and technologies for the electronic transfer of loan funds and related fees.

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Legislative history

Amended by Stats. 2021, Ch. 549, Sec. 8. (SB 661) Effective January 1, 2022.