California Government Code

§ 63089.5

GOV § 63089.5 Effective Jun 30, 2022Div. 1 · Title 6.7 · Ch. 6 · Art. 5

Statute text

(a)There is hereby continued in existence in the State Treasury the California Small Business Expansion Fund. All or a portion of the funds in the expansion fund may be paid out, with the approval of the Department of Finance, to a financial institution or financial company that will establish a trust fund and act as trustee of the funds.

(b)The expansion fund and the trust fund shall be used for the following purposes:

(1)To pay defaulted loan guarantee or surety bond losses, or other financial product defaults or losses.

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Legislative history

Amended by Stats. 2022, Ch. 68, Sec. 27. (SB 193) Effective June 30, 2022.