Section 91325 - Repayment of the Loan(a) Unless otherwise approved by the Department, the loan shall be repayable in uniform total monthly installments of principal and interest.(b) First repayment installment shall be due and payable as specifically set forth in the loan agreement, and in no case shall such date be more than 60 days subsequent to the issuance by the State of the total loan proceeds to the trustee.(c) The State shall cause to be issued a Direct Reduction Loan Amortization Schedule based upon monthly installment payments and showing:(1) Total amount of the loan.(4) Total monthly installment payment.(5) Breakdown of monthly interest and principal.(d) An installment payment received by the State more than 15 days after due date shall be deemed to be delinquent. Upon such delinquency a late payment charge of 10 percent of the installment payment may be charged to the borrower. The decision on the late charge will be made by the Department after a review of the circumstances involved.(e) The borrower may at any time make additional installment payments in advance or pay the whole outstanding balance of the loan without prepayment penalty.Cal. Code Regs. Tit. 22, § 91325
1. Editorial correction adding NOTE filed 2-23-83 (Register 83, No. 9). Note: Authority cited: Sections 103, 446.2 and 446.3, Health and Safety Code; and Section 11152, Government Code. Reference: Section 13111.3, Health and Safety Code.
1. Editorial correction adding NOTE filed 2-23-83 (Register 83, No. 9).