California Welfare and Institutions Code

§ 10306

WIC § 10306 Effective Jul 23, 2021Div. 9 · Part 1.8 · Ch. 13

Statute text

The Child Care and Development Facilities Loan Guaranty Fund, the Child Care and Development Facilities Direct Loan Fund, and the Child Care Loan Guaranty Fund Account in the Small Business Expansion Fund are abolished. All moneys remaining in the Child Care and Development Facilities Loan Guaranty Fund, the Child Care and Development Facilities Direct Loan Fund, and the Child Care Loan Guaranty Fund Account in the Small Business Expansion Fund shall revert to the General Fund. The Department of Housing and Community Development shall deposit all subsequent loan repayments to the Treasurer to the credit of the General Fund. The abolishment of the Child Care and Development Facilities Loan Guaranty Fund, the Child Care and Development Facilities Direct Loan Fund, and the Child Care Loan Guaranty Fund Account in the Small Business Expansion Fund does not terminate any of the following rights, obligations, or authorities, or any provision necessary to carry out those rights, obligations, or authorities:

(a)The repayment of loans due and payable to the department or the relevant financial company.

(b)The obligation of the state to pay claims arising from the default of outstanding loans that have been guaranteed.

…

Legislative history

Added by Stats. 2021, Ch. 116, Sec. 260. (AB 131) Effective July 23, 2021.