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Section 32822 Of Article 3. Borrowing From The Fund From California Financial Code >> Division 15.5. >> Chapter 7. >> Article 3.
32822
. Within five working days after receipt of an application
from the corporation for a loan from the fund, the Controller shall
disburse the proceeds of the loan to the corporation, unless:
(a) The corporation is in default on any previous loan from the fund; or
(b) In order to lend the amount requested by the corporation, the Controller would be required to transfer to the fund amounts which cumulatively would exceed the maximum amount specified in Section 32812.
(a) The corporation is in default on any previous loan from the fund; or
(b) In order to lend the amount requested by the corporation, the Controller would be required to transfer to the fund amounts which cumulatively would exceed the maximum amount specified in Section 32812.
