Section 76.8 Of Article 5. Recreational Marinas From California Harbors And Navigation Code >> Division 1. >> Chapter 2. >> Article 5.
76.8
. The department shall adopt regulations to implement or make
this article more specific, including standards for the approval of
loans, which shall include, but not be limited to, definitions of
collateral, standards for the payment of loans, weighing and ranking
criteria to qualify and prioritize the loans, and the form of
documents to be used to evidence loans. The purpose of the
regulations shall be to ensure that loans made under this article
conform with customary commercial practices. No loans shall be made
pursuant to this article from funds appropriated in the Budget Act of
1999 until the loan approval standards have been approved by the
Department of Finance. Any subsequent changes to the loan approval
standards shall also be approved by the Department of Finance.