California Government Code

§ 63089.90

GOV § 63089.90 Effective Oct 4, 2013Div. 1 · Title 6.7 · Ch. 6 · Art. 9

Statute text

(a)Pursuant to Section 8684.2 and the contract between a corporation and the bank, a corporation may, in an area affected by a state of emergency within the state and declared a disaster by the President of the United States, the Administrator of the United States Small Business Administration, or the United States Secretary of Agriculture, or declared to be in a state of emergency by the Governor of California, provide loan guarantees from funds allocated in Section 63089.55 to small businesses, small farms, nurseries, and agriculture-related enterprises that have suffered actual physical damage or significant economic injury as a result of the disaster.

(b)The bank board may adopt directives and requirements to implement the disaster loan guarantee program authorized by this section. Any regulations adopted under Chapter 1 (commencing with Section 14000) of Part 5 of Division 3 of Title 1 of the Corporations Code shall remain in effect until the bank adopts directives and requirements, however, these regulations shall have no effect after June 1, 2015.

(c)A corporation shall not issue a disaster loan guarantee unless and until it determines that the following conditions are satisfied:

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Legislative history

Added by Stats. 2013, Ch. 537, Sec. 4. (AB 1247) Effective October 4, 2013.