California Government Code

§ 21680

GOV § 21680 Effective Jan 1, 2011Div. 5 · Title 2 · Part 3 · Ch. 16

Statute text

Except as otherwise provided by law, the officers and employees of this system shall not engage in a transaction with regard to a tax-preferred retirement savings program if they know or should know that the transaction constitutes, directly or indirectly, any of the following:

(a)The sale, exchange, or leasing of any property from the program to a participant for less than adequate consideration, or from a participant to the program for more than adequate consideration.

(b)The lending of money or other extension of credit from the program to a participant without the receipt of adequate security and a reasonable rate of interest, or from a participant to the program with the provision of excessive security or an unreasonably high rate of interest.

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Legislative history

Amended by Stats. 2010, Ch. 639, Sec. 16. (SB 1139) Effective January 1, 2011.