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Legal Resources | Title 5 |  T5  30307  

Effect of Termination.   

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A termination ends the eligibility of an institution to participate in the CELP, bars the delivery by a terminated school of CELP loan proceeds, which shall be immediately returned to the lender, bars CGSL and CLAS Program CELP disbursements by a lender (or by a school lender) whether or not a guarantee was issued, and bars the guarantee of any CELP application submitted by a terminated lender or school lender.

If the emergency action has preceded the termination, then the terms of the emergency action shall be converted to a termination as set forth in this subpart.

Authority cited:

Education Code 69763

Reference:

United States Code, Title 20, Section 1078 (b) (2)

United States Code, Title 20, Section 1078-2(a)

Code of Federal Regulations, Title 34, Section 682.401(c)(2)(ii)

Code of Federal Regulations, Title 34, Section 683.31(c)(2)(ii)

Education Code 69763