Section 26-C2901. COLLATERAL SUPPORT PROGRAM

Latest version.

2901.1The Collateral Support Program shall provide a cash collateral deposit to an Eligible Lender in order to enhance the collateral coverage of an Eligible Recipient that is otherwise qualified but unable to meet the Eligible Lender’s security requirements. The cash collateral deposit will then be pledged as collateral on behalf of the Eligible Recipient.

2901.2The Department of Insurance, Securities and Banking (“DISB”) may deposit cash assets of up to fifty percent (50%) of the loan amount but no more than one million dollars ($1,000,000). The maximum term of an Enrolled Loan shall not exceed seven (7) years.

authority

Section 105(c) of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; D.C. Official Code § 26-551.05(c) (2012 Repl.)).

source

Final Rulemaking published at 61 DCR 9181 (September 5, 2014).

                    
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