§ 1898.2. Value of Collateral.

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Promissory notes pledged as security for deposits shall be valued at the unpaid principal balance of the obligation, or the most recent appraisal value, whichever is less. The value of the promissory notes shall at all times exceed by at least fifty percent the amount of the state deposit with the depository. Appraisal values must be reported to the Treasurer no less than annually.

HISTORY

1. Amendment of section and new Note filed 10-1-2009; operative 10-31-2009 (Register 2009, No. 40).

Note

Note: Authority cited: Sections 16522(g) and 16612(g), Government Code. Reference: Sections 16522(g) and 16612(g), Government Code.

                    
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