CIVIL CODE
SECTION 1917.210-1917.220
1917.210. Each pension fund or retirement system which is subject
to the Employee Retirement Income Security Act of 1974 (P.L. 93-406),
shall not be required to obtain any license or certificate in order
to provide funds for any type of loan transaction permitted by law.
1917.220. Pursuant to the authority contained in Section 1 of
Article XV of the California Constitution, the restrictions upon
rates of interest contained in Section 1 of Article XV of the
California Constitution shall not apply to any obligation of, loan
made by, or forbearance of, any pension fund or retirement system
which is subject to the Employee Retirement Income Security Act of
1974 (P.L. 93-406).
This section creates and authorizes pension funds or retirement
systems subject to the Employee Retirement Income Security Act of
1974 (P.L. 93-406) as an exempt class of persons pursuant to Section
1 of Article XV of the Constitution.
|