California Public Resources Code

§ 42023.4

PRC § 42023.4 Effective Sep 23, 2021Div. 30 · Part 3 · Ch. 1 · Art. 3

Statute text

(a)A loan made pursuant to Section 42023.1 shall be subject to all of the following requirements:

(1)The terms of an approved loan shall be specified in a loan agreement between the borrower and the department. The loan agreement shall include a requirement that the failure to comply with the agreement shall result in any remaining unpaid amount of the loan, with accrued interest, being immediately due and payable. Notwithstanding any term of the agreement, a recipient of a loan that the department approves shall repay the principal amount, plus interest. The department shall establish the loan interest rate as low as possible to make projects feasible and post the interest rate on its internet website. All money received as repayment and interest on loans made pursuant to this section shall be deposited in the subaccount.

(2)The department shall approve only those loan applications that demonstrate the applicant’s ability to repay the loan.

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Legislative history

Amended by Stats. 2021, Ch. 258, Sec. 38. (SB 155) Effective September 23, 2021. Inoperative July 1, 2031. Repealed as of January 1, 2032, by its own provisions.