Cal. Code Regs. Tit. 9, § 7264 - Eligibility Requirements - General

Current through Register 2022 Notice Reg. No. 14, April 8, 2022

(a) To be eligible for either loan guarantee program, an applicant shall meet all of the following conditions:
(1) Have household income, after deducting current expenses, at least equal to the amount of the monthly loan payment plus the costs of operating and maintaining the item(s), as determined in accordance with (b), for which the loan is requested. Current expenses shall include, but not be limited to, housing, utility and food costs, attendant care costs, and payments on outstanding obligations.
(2) Have a credit record that supports a determination by the Department, in consultation with the lender, that the applicant is unlikely to default on the loan.
(3) Have an approved loan request that is all of the following:
(A) From an eligible lender.
(B) Contingent upon a contractual agreement with the Department to guarantee the loan.
(C) Not in excess of:
1.For the Assistive Technology Loan Guarantee program, the actual total costs of the item(s) to be purchased plus any costs specified in Section 7263.5(b).
2.For the Transportation Loan Guarantee program, the lesser of either the amount specified in Section 19469, Welfare and Institutions Code or the amount necessary for the costs of all of the following:
a.The purchase of the vehicle and other special equipment required to safely transport or be driven by the child or the employed person with a disability.
b.Vehicle insurance at the minimum level required by State law.
c.Any costs specified in Section 7263.5(b).
(b) The costs of operating and maintaining the item(s) to be purchased shall be determined as follows:
(1) For equipment, including vehicle modifications, aids and devices, the amount specified by the entity from which the item(s) will be purchased.
(2) For vehicles, the Department shall multiply the estimated monthly mileage reported by the applicant by $.15 per mile for vehicles other than vans and $.20 per mile for vans. If vehicle insurance is not included in the approved loan request, the costs of such insurance at the minimum level required by State law shall be prorated monthly and added to this amount.

Notes

Cal. Code Regs. Tit. 9, § 7264

Note: Authority cited: Sections 19006, 19016 and 19470, Welfare and Institutions Code. Reference: Sections 19460 through 19470 and 19853, Welfare and Institutions Code.

1. Repealer and new section filed 4-5-94; operative 4-5-94 (Register 94, No. 14). For prior history, see Register 81, No. 1.

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