California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 8 - Student Loan Programs › Article 2 - Eligibility Requirements › Section 5461 - Minimum Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In order to be considered for an Allocation for a Student
					 Loan Program, an Applicant must meet the following minimum requirements:
(a) California Non-profit Status. Must be a
				  California nonprofit corporation organized pursuant to section
				  150(d) of the
				  Internal Revenue Code of 1986, as amended, that possesses the authority to
				  directly or indirectly make or finance student loans under the Higher Education
				  Act of 1965, as amended, or be a state agency.
(b) CEFA Requirement. Before applying to the
				  Committee for allocation of a portion of the State Ceiling pursuant to
				  Government Code section
				  8869.82
				  and
				  8869.85,
				  an entity that is seeking to issue qualified scholarship funding bonds must
				  first obtain CEFA board approval, pursuant to Title 4, California Code of
				  Regulations, section
				  9073(a), unless
				  such entity became a qualified scholarship funding corporation as defined in
				  subsection (d) of section
				  150 of Title 26 of the United
				  States Code prior to January 1, 2006. CEFA may in its discretion determine not
				  to grant approval to any entity regardless of whether the entity meets the
				  threshold criteria as an Eligible Candidate as defined in Title 4, California
				  Code of Regulations, section
				  9072(b). CEFA will
				  consult and coordinate with the Committee prior to making a final
				  determination.
(c) A portfolio
				  itemizing the total dollar amount and corresponding percentage of student loans
				  originated by the Applicant which assist financially needy borrowers in
				  California. The data relied upon may be direct or derived from sources deemed
				  by the Executive Director to be accurate.
(d) A proposal of interest rates and other
				  discounts (time period is the next academic year commencing July 1 following
				  the award of Allocation), a description and dollar amount of discounts (i.e.
				  interest rate, guarantee fee, origination fee, etc.). Note: Information will be
				  used in analysis of Application in the subsequent year.
(e) A description of marketing activities and
				  status as a lender, anticipated total dollar amount and number of student loans
				  made to two year, four year and other schools, the eligibility requirements for
				  a loan, the benefits to student borrowers, the mechanism(s) or system(s) for
				  the direct delivery of loans to eligible students and any other features unique
				  to the Program.
(f) Demonstrate
				  actual participation in the California Student Loan Market using the STUDENT
				  MARKETMEASURE Standard Report 10D or other sources deemed by the Executive
				  Director to be accurate. Applicant must include information from the most
				  recently completed federal fiscal year with their Application.
(g) Completion of the Student Loan
				  Self-Scoring Sheet to show what they anticipate to receive in
				  allocation.
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010 (Register 2010,
					 No. 31). A Certificate of Compliance must be transmitted to OAL by 1-25-2011 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. New section refiled 1-6-2011 as an emergency; operative
					 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be
					 transmitted to OAL by 4-6-2011 or emergency language will be repealed by
					 operation of law on the following day.
3. New section refiled
					 4-1-2011 as an emergency; operative 4-6-2011 (Register 2011, No. 13). A
					 Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency
					 language will be repealed by operation of law on the following
					 day.
4. Certificate of Compliance as to 4-1-2011 order, including
					 amendment of section, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register
					 2011, No. 26).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Sections
						8869.84(c),
						8869.85(a)
						and
						8869.85(b),
						Government Code.