California Public Resources Code

§ 42972.7

PRC § 42972.7 Effective Jan 1, 2020Div. 30 · Part 3 · Ch. 20

Statute text

(a)(1) A carpet stewardship organization, as part of its carpet stewardship plan, shall set up a trust fund or an escrow account, into which it shall deposit all unexpended funds and ongoing consumer assessments, for use in accordance with this section in the event that the plan terminates or is revoked.

(2)For purposes of this subdivision, “unexpended funds” means assessment money in the stewardship organization’s accounts that the stewardship organization is not already obligated to pay pursuant to a contract, claim, or similar mechanism.

(b)If a carpet stewardship plan terminates or is revoked, the trustee or escrow agent of a trust fund or escrow account set up pursuant to subdivision (a) shall do both of the following, starting within 30 days:

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Legislative history

Added by Stats. 2019, Ch. 680, Sec. 4. (AB 729) Effective January 1, 2020. Conditionally inoperative pursuant to Section 42983.5.