Within five working days after receipt of an application from the corporation for a loan from the fund, the Controller shall disburse the proceeds of the loan to the corporation, unless:
(a) The corporation is in default on any previous loan from the fund; or
(b) In order to lend the amount requested by the corporation, the Controller would be required to transfer to the fund amounts which cumulatively would exceed the maximum amount specified in Section 32812.
(Amended by Stats. 1983, Ch. 323, Sec. 31.5. Effective July 1, 1983.)