California Health and Safety Code

§ 44559.3

HSC § 44559.3 Effective Jan 1, 2012Div. 27 · Ch. 1 · Art. 8

Statute text

(a)The authority shall establish a loss reserve account for each financial institution with which the authority makes a contract.

(b)The loss reserve account for a financial institution shall consist of moneys paid as fees by borrowers and the financial institution, moneys transferred to the account from a small business assistance fund, any matching federal moneys, and any other moneys provided by the authority or other source.

(c)Notwithstanding any other law, the authority may establish and maintain loss reserve accounts with any financial institution under any policies the authority may adopt.

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Legislative history

Amended by Stats. 2011, Ch. 484, Sec. 2. (AB 981) Effective January 1, 2012.