California Financial Code

§ 32600

FIN § 32600 Effective Jan 1, 1995Div. 15.5 · Ch. 5

Statute text

(a)The finance officer shall not execute any loan that is not:

(1)Approved for guarantee by the Small Business Administration, under that agency’s prevailing standards for loans of similar type, purpose, amount, and duration that are in effect at the time the guarantee is approved by the agency.

(2)Approved for guarantee by another governmental loan guarantee authority, and the minimum amount of the guarantee is not less than 50 percent of the principal amount of the loan.

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Legislative history

Amended by Stats. 1994, Ch. 929, Sec. 1. Effective January 1, 1995.