12 CCR s 309.2

Cal. Admin. Code tit. 12, s 309.2

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 1. ELIGIBILITY AND QUALIFICATIONS
This database is current through 12/22/06, Register 2006, No. 51.
s 309.2. Credit Reports.

The Department shall obtain credit reports on all applicants applying for
loans on single family homes, condominiums, farms, mobile homes,
construction loans, conditional commitment loans, deferred principal
payment loans, loan transfers, second loans, assignments of existing
contracts, home improvement loans, and purchases of repossessions which
will be under a Cal-Vet loan contract. Credit reports shall be ordered on
both veteran and non-veteran applicants. A credit report shall be ordered
on the applicant and spouse, if married. The Department may charge a fee
to cover the cost of the credit report, which may be included in the Loan
Origination Fee. The Department shall notify the applicant of any adverse
credit reports. If the applicant disagrees with the information contained
in the credit report, the Department shall refer the applicant to the
credit reporting agency. The Department shall hold the loan application
for thirty (30) days, from the date the Department refers the applicant to
the credit reporting agency, while the applicant is pursuing any
disagreement with the credit reporting agency.

Note: Authority cited: Section 700, Military and Veterans Code.
Reference: Section 987.56, Military and Veterans Code.

HISTORY

1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).

2. Amendment filed 4-6-98; operative 5-6-98 (Register 98, No. 15).

3. Amendment filed 10-30-2000 as an emergency; operative 10-30-2000
(Register
2000, No. 44). A Certificate of Compliance must be transmitted to OAL by
2-
27-2001 or emergency language will be repealed by operation of law on the
following day.

4. Certificate of Compliance as to 10-30-2000 order transmitted to OAL
2-23-
2001 and filed 4-6-2001 (Register 2001, No. 14).

12 CCR s 309.2, 12 CA ADC s 309.2
1CAC

12 CA ADC s 309.2

END OF DOCUMENT