California Code of Regulations › Title 4 - Business Regulations › Division 13 - California Alternative Energy and Advanced Transportation Financing Authority › Article 3 - Clean Energy Upgrade Financing Program › Section 10053 - Application by Financial Institution

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A
				Financial Institution seeking to participate in the Program will complete a
				Financial Institution Application that shall include the following information:
(1) Name and address of applicant Financial
				Institution.
(2) Name, address,
				telephone and fax numbers, email address and title of contact person.
(3) Type of Financial Institution.
(4) A list of the anticipated geographic
				area(s) in California where the loan program may be available, by
				county.
(5) Names of the Regulatory
				Agency and the Insuring Agency to which the Financial Institution is
				accountable. This provision is not required if the Financial Institution is a
				municipal utility district as described in Section
				12850
				of the Public Utilities Code.
(6) A
				detailed description of the loan program to finance Eligible Improvements,
				including, but not limited to anticipated loan product details, such as
				collateral required (if any), maximum and minimum loan amounts, interest rates
				(whether fixed or variable), loan terms, property type, and underwriting
				criteria including FICO score and debt-to-income ratio.
(7) A detailed description of the
				transactional activities associated with the loan issuance, including all
				transactional costs such as application, loan origination, UCC-1 filing,
				property valuation cost, and title and tax search fees.
(8) The mechanism by which cost savings
				produced by this Program are passed on to the Borrowers in the form of lower
				cost financing. This includes a comparison of interest rates and loan terms
				between existing loan products for Eligible Improvements and the interest rates
				the Financial Institution anticipates providing if a Qualified Loan is enrolled
				in the Program. If the Financial Institution does not have an existing loan
				product for energy efficiency or renewable energy installations, a comparison
				should be made of the interest rates and loan terms between other similar loan
				products and the proposed loan program. Include additional benefits associated
				with enrolling Qualified Loans in the Program, such as expanded loan terms and
				underwriting criteria.
(9)
				Certification that the applicant Financial Institution is not subject to a
				cease and desist order or other regulatory sanction with the appropriate
				federal or state regulatory body, which would impair its ability to participate
				in the Program. This provision is not required if the Financial Institution is
				a municipal utility district as described in Section
				12850
				of the Public Utilities Code.
(10)
				The Financial Institution's agreement to follow the Program regulations as set
				forth in this Article.
(11) The
				Financial Institution's agreement to permit an audit of any of its records
				relating to enrolled Qualified Loans, during normal business hours on its
				premises, by the Authority or its agents, and to supply such other information
				concerning enrolled Qualified Loans as shall be requested by the Executive
				Director.
(12) The Financial
				Institution's acknowledgment that the Authority and the State will have no
				liability to the Participating Financial Institution under the Program except
				from funds deposited in the Loss Reserve Account for the Participating
				Financial Institution.
(13) The
				application shall be signed by a person authorized to bind the Financial
				Institution, and shall include the signatory's printed name, title and
				date.