(a) An issuer shall notify the committee if the issuer elects to exchange all or part of the issuer’s authority to issue qualified mortgage bonds for authority to issue mortgage credit certificates. The notification shall include a statement which does both of the following:
(1) Specifies the amount of the qualified mortgage bond authority that the issuer will not be issuing in order to issue mortgage credit certificates.
(2) Explains how the issuer shall assure that the dollar amount of mortgage credit certificate authority will not be exceeded.
(b) An issuer may revoke the election if the issuer notifies the committee that it cannot successfully carry out that exchange.
(Added by Stats. 1985, Ch. 1399, Sec. 7.5. Effective October 1, 1985.)