California Code of Regulations
Title 14 - Natural Resources
Division 5.6 - State Coastal Conservancy
Chapter 7 - Experimental Fishing Gear Loan Program
Article 2 - Loan Program Establishment and Operation
Section 13863 - Loan Limits, Rates and Terms

Universal Citation: 14 CA Code of Regs 13863

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) The total amount of funds which will be loaned under the Loan Program will not exceed $450,000.00.

(b) Out of that part of the $450,000 that remains unencumbered on April 1, 1988 no more than $100,000 in funds shall be allocated to the Loan Program.

(c) Until January 1, 1989, priority will be given to applicants with a Permit issued pursuant to Sections 3 and 3.5 of the Act. After January 1, 1989 no preference will be given to any applicant on the basis of Permits issued pursuant to Section 3 and 3.5 of the Act or Permits issued pursuant to Section 4 of Chapter 1298 of the Statutes of 1987.

(d) No new loans shall be executed under the Loan Program on or after January 1, 1990.

(e) Loan terms shall be established within the following parameters:

(1) The annual interest on the loan shall not exceed six (6) percent per annum, compounded annually.

(2) The term of the loan shall not exceed the useful life of the equipment to be purchased or used, but in no case shall the term exceed seven (7) years.

(3) No loan applicant shall receive a loan in excess of $50,000 without specific approval of the Board of the Conservancy.

(f) Subject to the parameters set forth in the immediately preceding subsection, the Conservancy shall determine the annual interest rate, loan term, period between payments, payment schedule, security and other loan terms for each loan. The criteria for determining loan terms shall be:

(1) The credit worthiness of the applicant;

(2) The public benefits to be gained from the implementation of an experimental fishing gear permit;

(3) The economic risks to the loan applicant; and

(4) The amount of new information the operation of the gear will provide to the management of the fishery and the protection of other marine resources.

1. New section filed 6-12-87 as an emergency; operative 6-12-87 (Register 87, No. 25). A Certificate of Compliance must be transmitted to OAL by 11-9-87. Pursuant to Section 8 of the Act (Public Resources Code Section 31125.6(c)) and in accordance with Government Code Section 11346.2(a), these regulations shall be effective upon adoption by the Conservancy.
2. Certificate of Compliance filed 10-6-87 (Register 87, No. 42).
3. Amendment filed 4-4-88 as an emergency; operative 4-4-88 (Register 88, No. 17). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 8-2-88.
4. Certificate of Compliance transmitted to OAL 7-11-88 and filed 7-25-88 (Register 88, No. 32).

Note: Authority cited: Sections 31102 and 31125.6(c), Public Resources Code. Reference: Sections 8612(b), 8613(d), 8614(b) and (c) and 8615, Fish and Game Code; Section 15335.1(b), Government Code; and Sections 31125, 31125.5, 31125.6, 31126 and 31127, Public Resources Code; and Ch. 1298, Stats. 1987, Section 13.

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