California Education Code

§ 94159

EDC § 94159 Effective Jan 1, 2015Div. 10 · Title 3 · Part 59 · Ch. 2 · Art. 4.1

Statute text

(a)The authority shall establish a loss reserve account for each financial institution with which the authority enters into a contract.

(b)The loss reserve account for a financial institution shall consist of moneys deposited by the authority and, as applicable, deposited by the qualified borrowers, the financial institution, or any other source.

(c)Notwithstanding any other law, the authority may establish and maintain loss reserve accounts, as provided in subdivision (c) of Section 94157, with any financial institution under any policies the authority may adopt.

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Legislative history

Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.