Section 42023.3 - Transfer of money remaining in subaccount and repayment of loans to department(a) All money remaining in the subaccount on July 1, 2031, and all money received as repayment and interest on loans shall, as of July 1, 2031, be transferred to the account and any money due and outstanding on loans as of July 1, 2031, shall be repaid to the department and deposited by the department in the account until paid in full, except that, upon authorization by the Legislature in the annual Budget Act, interest earnings may be expended for administrative costs associated with the collection of outstanding loan accounts.(b)(1) Except as provided in paragraph (2), this section shall become inoperative on July 1, 2031, and as of January 1, 2032, is repealed, unless a later enacted statute, which becomes effective on or before January 1, 2032, deletes or extends the dates on which it becomes inoperative and is repealed.(2) The repeal of this section pursuant to paragraph (1) shall not extinguish any loan obligation or the authority of the state to pursue appropriate actions for the collection of a loan.Ca. Pub. Res. Code § 42023.3
Amended by Stats 2019 ch 690 (AB 1583),s 10, eff. 1/1/2020.Amended by Stats 2010 ch 275 (SB 390),s 4, eff. 1/1/2011.Amended by Stats 2004 ch 500 (AB 1873), s 3, eff. 1/1/2005.Added September 23, 1999 (Bill Number: AB 1364) (Chapter 467).