California Harbors and Navigation Code

§ 76.6

HNC § 76.6 Effective Sep 26, 2013Div. 1 · Ch. 2 · Art. 5

Statute text

Loans made under this article shall include, but are not limited to, the following terms and conditions:

(a)The minimum annual rate of interest charged by the division for a loan shall be set annually by the division and shall be a rate equal to 1 percent per annum plus the prime or base rate of interest.

(b)The division shall require collateral in a minimum amount of 110 percent of the loan.

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Legislative history

Amended by Stats. 2013, Ch. 353, Sec. 115. (SB 820) Effective September 26, 2013. Operative July 1, 2013, by Sec. 129 of Ch. 353.