The commission shall redeem an applicant’s warrant and commence loan assumption payments as specified in Section 69618.3 upon verification that the applicant has fulfilled all of the following:
(a) The applicant has received a graduate degree from an accredited, participating institution.
(b) The applicant has provided the equivalent of full-time instruction at one or more regionally accredited California colleges or universities for one academic year or the equivalent.
(c) The applicant has met the requirements of the warrant and all other conditions of this article.
(Amended by Stats. 2000, Ch. 460, Sec. 2. Effective January 1, 2001.)
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