California Code of Regulations › Title 10 - Investment › Chapter 7 - Business, Transportation and Housing Agency: Small Business Loans and Guarantees › Article 9 - Farm Loans › Section 5113 - Accounting and Reporting

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				Farm Lender shall establish an account which shall be used solely to record
				disbursements and repayments for Farm Borrower Loans and Farm Lender Loans. The
				account shall have separate sub-ledgers which shall correspond to each specific
				Farm Lender Credit Agreement and Farm Borrower Agreement. Funds shall only be
				withdrawn from Farm Lender Credit Agreement sub-ledgers for subsequent payment
				to a Farm Borrower, for payments to the trust fund account or upon written
				authorization of the Agency. Funds shall only be withdrawn from Farm Borrower
				Agreement sub-ledgers for payments to the trust fund account, to the Holder or
				upon written authorization of the Agency.
(b) The Farm Lender shall reconcile the two
				sets of sub-ledgers monthly. One set shall consist of all activities for each
				Farm Borrower Loan, including payment and repayment information. Farm Lender
				shall maintain these reconciliations at its principal place of business. The
				second reconciliation shall consist of all Farm Lender Loan activity. Farm
				Lender shall mail these reconciliations to the Agency monthly.
(c) All records established and maintained in
				connection with the account and its sub-ledgers shall be available upon
				reasonable notice for audit by the Agency or its designee, and shall be
				maintained for a three (3) year period following the expiration of the related
				Farm Lender Credit Agreement or Farm Borrower Agreement.
1. Repealer
				  and new section filed 2-1-94 as an emergency; operative 2-1-94 (Register 94,
				  No. 5). A Certificate of Compliance must be transmitted to OAL by 8-1-94
				  pursuant to Corporations Code section
				  14024 or
				  emergency language will be repealed by operation of law on the following day.
				  For prior history, see Register 89, No. 8.
2. Amendment filed
				  12-27-2004 as a deemed emergency pursuant to Corporations Code section
				  14024;
				  operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must
				  be transmitted to OAL by 6-27-2005 or emergency language will be repealed by
				  operation of law on the following day.
3. Editorial correction of
				  HISTORY 2 (Register 2005, No. 27).
4. Certificate of Compliance as
				  to 12-27-2004 order, including amendment of NOTE, transmitted to OAL 5-25-2005
				  and filed 7-7-2005 (Register 2005, No. 27).
5. Amendment of
				  subsections (a) and (c) filed 8-4-2008 as an emergency; operative 8-4-2008
				  (Register 2008, No. 32). A Certificate of Compliance must be transmitted to OAL
				  by 2-2-2009 or emergency language will be repealed by operation of law on the
				  following day.
6. Certificate of Compliance as to 8-4-2008 order
				  transmitted to OAL 1-26-2009 and filed 2-19-2009 (Register 2009, No.
				  8).
Note: Authority cited: Section
					 14024,
					 Corporations Code. Reference: Sections
					 14067
					 and
					 14070,
					 Corporations Code.