California Education Code

§ 94874.1

EDC § 94874.1 Effective Jan 1, 2021Div. 10 · Title 3 · Part 59 · Ch. 8 · Art. 4

Statute text

(a)The bureau shall not verify the exemption from this chapter of, or contract for the complaint handling for, a nonprofit institution that operated as a for-profit institution during any period on or after January 1, 2010, unless the Attorney General verifies all of the following:

(1)The nonprofit institution acquired the for-profit institution’s assets for no more than the fair value of the assets.

(2)The nonprofit institution has not executed agreements for goods or services exceeding the fair value of the goods or services.

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Legislative history

Added by Stats. 2020, Ch. 153, Sec. 5. (AB 70) Effective January 1, 2021. Operative January 1, 2022, by its own provisions. Repealed as of January 1, 2027, pursuant to Section 94950.