Section 50565 Of Chapter 3.9. Portfolio Restructuring From California Health And Safety Code >> Division 31. >> Part 2. >> Chapter 3.9.
50565
. (a) For purposes of this chapter, "qualifying unpaid matured
loan" shall mean either of the following:
(1) A loan made pursuant to the programs listed in subdivision (a)
of Section 50560 that is in material compliance, as determined by
the department, with all loan terms and conditions, including, but
not limited to, those required by the department loan documents or
applicable statutes and regulations, or otherwise required by the
department, other than having reached the due date of its promissory
note without being paid.
(2) A matured loan that is not in compliance, as described in
paragraph (1), and is being transferred to another borrower approved
by the department.
(b) A reinstatement of a qualifying unpaid matured loan under this
chapter shall be treated as if its term has been extended from the
expired due date for purposes of calculating obligations of the
borrower to the department.