California Financial Code

§ 24001

FIN § 24001 Effective Jul 16, 2021Div. 10.5

Statute text

(a)The Commissioner of the Department of Financial Protection and Innovation shall administer an application process for grants of up to two hundred thousand dollars ($200,000) per applicant from the Financial Empowerment Fund or shall contract with an independent third party to do so on the department’s behalf. The commissioner, or the independent third party designated by the commissioner, may award up to two million dollars ($2,000,000) in grant moneys per fiscal year. To be eligible for selection by the department to administer the grant program, an independent third party shall cap its administrative fees at no more than 15 percent of the grant moneys it administers on the department’s behalf.

(b)An applicant shall apply to the commissioner or to an independent third party designated by the commissioner for a grant in a form and manner prescribed by the commissioner or the independent third party. To be eligible for a grant, an applicant shall meet both of the following criteria:

(1)The organization is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and is organized and operated exclusively for one or more of the purposes described in Section 501(c)(3) of the Internal Revenue Code.

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Legislative history

Amended by Stats. 2021, Ch. 77, Sec. 4. (AB 137) Effective July 16, 2021. Repealed as of January 1, 2030, pursuant to Section 24002.