reglab/statecodes huggingface dataset:
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 1 - Purpose › Section 94102.

94102. All assets and obligations of the California Student Loan Authority, as of the effective date of the act that enacts this section during the 1995–96 Regular Session, are hereby transferred to, and assumed by, the California Educational Facilities Authority. All of those assets shall be used solely for student loan purposes.
(Added by Stats. 1995, Ch. 917, Sec. 3. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 1 - Purpose › Section 94102.1.

94102.1. In addition to the definition provided in Section 94110, “student loan” may also mean loan assumptions pursuant to Article 5 (commencing with Section 69612) of Chapter 2 of Part 42 of Division 5.
(Added by Stats. 2014, Ch. 34, Sec. 33. (SB 860) Effective June 20, 2014.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 1 - Purpose › Section 94103.

94103. (a) Notwithstanding any other provision of law, no city, county, city and county, district, or other local jurisdiction shall operate, or request or authorize another entity, including, but not necessarily limited to, a corporation, either directly or through an intermediary, to do either of the following:
(1) Finance, or purchase or take assignments of, or make commitments to finance, any loan, or otherwise acquire any student loan note, including, but not necessarily limited to, any loan guaranteed under the Federal Family Education Loan Program established under Title IV of the federal Higher Education Act of 1965, that is made to finance or refinance the costs of attendance at any institution of higher education, including any public and nonprofit private or independent degree-granting educational institution.
(2) Issue bonds, notes, debentures, or other securities involving any loan, including, but not necessarily limited to, any loan guaranteed under the Federal Family Education Loan Program established under Title IV of the federal Higher Education Act of 1965, that is made to finance or refinance the costs of attendance at any institution of higher education, including any public and nonprofit private or independent degree-granting educational institution.
(b) Any entity that, as of January 1, 2006, is not qualified to be awarded an allocation of the state’s annual private activity volume cap to issue qualified scholarship funding bonds, as defined in subsection (d) of Section 150 of Title 26 of the United States Code as it exists on January 1, 2006, shall obtain approval from the authority to operate as a qualified scholarship funding corporation within the meaning of subsection (d) of Section 150 of Title 26 of the United States Code as it exists on January 1, 2006.
(Added by Stats. 2005, Ch. 318, Sec. 12. Effective January 1, 2006.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 3 - Organization of Authority and General Powers and Duties Thereof › Section 94120.

94120. (a) There is in the state government an authority known as the California Educational Facilities Authority. The authority constitutes a public instrumentality and the exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of an essential public function.
(b) The authority shall consist of five members: the Director of Finance, the Controller, the Treasurer, who shall serve as chairperson of the authority, and two members appointed by the Governor to serve for terms of four years; provided that the terms of the members first appointed shall be arranged by the Governor so that such terms shall expire on April 30 in different years. One of the members appointed by the Governor shall be affiliated with a public institution of higher education as a governing board member or in an administrative capacity and the other member shall be affiliated with a private institution of higher education as a governing board member or in an administrative capacity. Each member shall hold office for the term of his or her appointment and shall continue to serve during the term of his or her successor unless and until his or her successor shall have been appointed and qualified. Any vacancy among the members appointed by the Governor shall be filled by appointment for the unexpired term only. A member of the authority shall be eligible for reappointment.
(c) Any member of the authority appointed by the Governor may be removed from office by the Governor for cause after a public hearing.
(d) The members of the authority shall serve without compensation, but the authority may reimburse its members for necessary expenses incurred in the discharge of their duties.
(e) The authority, upon the first appointment of its members and thereafter on or after April 30 in each year, shall annually elect from among its members a vice chairperson who shall hold office until April 30 next ensuing and shall continue to serve during the term of his or her successor unless and until his or her successor shall have been appointed and qualified.
(f) The Director of Finance may designate a deputy or other official in the Department of Finance to act for him or her and represent him or her at all meetings of the authority.
(Amended by Stats. 2008, Ch. 211, Sec. 2. Effective January 1, 2009.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 3 - Organization of Authority and General Powers and Duties Thereof › Section 94121.

94121. The powers of the authority shall be vested in the members thereof in office from time to time and a majority of the total authorized membership of the authority shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of a majority of the members present, unless in any case the bylaws of the authority shall require a larger number. No vacancy in the membership of the authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the authority.
(Amended by Stats. 1979, Ch. 373.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 3 - Organization of Authority and General Powers and Duties Thereof › Section 94123.

94123. Notwithstanding any other provision of law neither of the following is a conflict of interest:
(a) Service by a trustee, director, officer, or employee of a participating private college, public college, or public university as a member of the authority, provided that the trustee, director, officer, or employee abstains from discussion, deliberation, action, and vote by the authority under this chapter with respect to the participating private college, public college, or public university for which that member is a trustee, director, officer, or employee.
(b) Affiliation of a member of the authority with a bank that serves the authority as bond trustee, depository of funds, or in any other financial, advisory, or fiduciary capacity.
(Amended by Stats. 2001, Ch. 569, Sec. 3. Effective January 1, 2002.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 3 - Organization of Authority and General Powers and Duties Thereof › Section 94124.

94124. The authority shall maintain an office in the City of Sacramento.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 3 - Organization of Authority and General Powers and Duties Thereof › Section 94125.

94125. The authority may employ an executive director and such other persons as are necessary to enable it properly to perform the duties imposed upon it by this chapter. The authority may, by resolution, delegate to one or more of its members, its executive director, or any other official or employee of the authority any powers and duties that it may deem proper, including, but not limited to, the power to enter into contracts on behalf of the authority.
(Amended by Stats. 2008, Ch. 211, Sec. 3. Effective January 1, 2009.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94141.

94141. All expenses incurred in carrying out the provisions of this chapter shall be payable from funds provided the authority therefor, and no liability or obligation shall be incurred by the authority hereunder beyond the extent to which moneys shall have been provided therefor.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94142.

94142. The authority shall establish financial eligibility standards by studying the creditworthiness and earning capacity of each project together with the amount of pledged revenues, debt service coverage, and basic security, in addition to establishing machinery to monitor the ongoing compliance of each project with state authority and bond indenture requirements.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94143.

94143. The authority is authorized from time to time to issue its notes for any corporate purpose and renew from time to time any notes by the issuance of new notes, whether the notes to be renewed have or have not matured. The authority may issue notes partly to renew notes or to discharge other obligations then outstanding and partly for any other purpose. The notes may be authorized, sold, executed, and delivered in the same manner as bonds. A resolution or resolutions authorizing notes of the authority or any issue of notes of the authority may contain any provisions that the authority is authorized to include in a resolution or resolutions authorizing bonds of the authority or any issue of bonds of the authority, and the authority may include in the notes any terms, covenants, or conditions that it is authorized to include in bonds. Notes issued by the authority shall be payable from revenues of the authority or other moneys available for payment of notes and not otherwise pledged, subject only to any contractual rights of the holders of its notes or other obligations then outstanding.
(Amended by Stats. 2015, Ch. 303, Sec. 140. (AB 731) Effective January 1, 2016.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94145.

94145. In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the state. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received or proceeds of any contract or contracts pledged and may convey or mortgage the project or any portion thereof. Such trust agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including particularly such provisions as have hereinabove been specifically authorized to be included in any resolution or resolutions of the authority authorizing bonds thereof. Any bank or trust company incorporated under the laws of this state which may act as depositary of the proceeds of bonds or of revenues or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the authority. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee or trustees, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of a project.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94145.5.

94145.5. A provision that the authority may include in a trust agreement or resolution providing for the issuance of bonds pursuant to this chapter may also be included in a bond and shall have the same effect.
(Amended by Stats. 2015, Ch. 303, Sec. 141. (AB 731) Effective January 1, 2016.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94146.

94146. (a) Bonds issued under this chapter shall not be deemed to constitute a debt or liability of the state or of any political subdivision of the state, or a pledge of the faith and credit of the state or of any political subdivision other than the authority, but shall be payable solely from the funds herein provided. All bonds shall contain a statement to the effect that neither the State of California nor the authority shall be obligated to pay the bond or the interest on the bond except from revenues of the authority, and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the state is pledged to the payment of the principal of, or the interest on, the bonds.
(b) The issuance of bonds under this chapter shall not directly, indirectly, or contingently obligate the state or any political subdivision of the state to levy or to pledge any form of taxation whatever therefor or to make an appropriation for payment of the bonds. This section shall not prevent or be construed to prevent the authority from pledging its full faith and credit, or the full faith and credit of a participating private college, participating nonprofit entity, or university applicant, to the payment of bonds or issue of bonds authorized pursuant to this chapter.
(Amended by Stats. 2023, Ch. 131, Sec. 49. (AB 1754) Effective January 1, 2024.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94148.

94148. Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining thereto, and the trustee or trustees under any trust agreement, except to the extent the rights herein given may be restricted by any resolution authorizing the issuance of, or any such trust agreement securing, such bonds, may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the state or granted hereunder or under such resolution or trust agreement, and may enforce and compel the performance of all duties required by this chapter or by such resolution or trust agreement to be performed by the authority or by any officer, employee or agent thereof, including the fixing, charging, and collecting of the rates, rents, fees, and charges herein authorized and required by the provisions of such resolution or trust agreement to be fixed, established, and collected.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94149.

94149. All moneys received pursuant to the authority of this chapter, whether as proceeds from selling or incurring bonds, or as revenue, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Notwithstanding any other law, until the funds are applied as provided in this chapter, the moneys may be invested in any obligations or securities authorized by resolutions of the authority authorizing the issuance of the bonds. An officer with whom, or any bank or trust company with which, the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purposes hereof, subject to any regulations adopted pursuant to this chapter and the resolution authorizing the issuance of any bonds or the trust agreement securing the bonds.
(Amended by Stats. 2014, Ch. 154, Sec. 7. (AB 1668) Effective July 21, 2014.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94151.

94151. (a) The authority may loan funds to a participating institution or university applicant and to provide for the issuance of bonds for the purpose of refinancing working capital or projects not originally funded pursuant to this chapter, such refinancing to include the repayment of costs, as defined in Section 94110, incurred for projects by the participating institution or university applicant and that have a completion date after December 29, 1969.
(b) For purposes of this section, “completion date” means, in the case of construction or renovation of a project, the date on which the notice of completion is filed, and, in the case of the acquisition of a project, the date of such acquisition.
(c) All such bonds shall be subject to this chapter in the same manner and to the same extent as other bonds issued pursuant to this chapter.
(Amended by Stats. 2023, Ch. 131, Sec. 51. (AB 1754) Effective January 1, 2024.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94152.

94152. Bonds and notes issued by the authority under the provisions of this chapter are hereby made securities in which all banks, bankers, savings banks, trust companies, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all administrators, executors, guardians, trustees and other fiduciaries, and all other persons whatsoever who now are or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest any funds, including capital belonging to them or within their control; and said bonds, notes or other securities or obligations are hereby made securities which may properly and legally be deposited with and received by any state or municipal officers or agency of the state for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized by law.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94154.

94154. The State of California pledges and agrees with the holders of the bonds, notes, and other obligations issued pursuant to authority contained in this chapter, and with those parties who may enter into contracts with the authority pursuant to this chapter, that the state will not limit, alter, or restrict the rights hereby vested in the authority and the participating private colleges, participating nonprofit entities, and university applicants to maintain, construct, reconstruct, and operate any project as defined in this chapter or to establish and collect the rents, fees, receipts, or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of maintenance and operation thereof and to fulfill the terms of any agreements made with the holders of bonds authorized by this chapter, and with the parties who may enter into contracts with the authority pursuant to this chapter, or in any way impair the rights or remedies of the holders of those bonds or those parties until the bonds, together with interest thereon, are fully paid and discharged and the contracts are fully performed on the part of the authority. The authority as a public body corporate and politic may include the pledge herein made in its bonds and contracts.
(Amended by Stats. 2022, Ch. 572, Sec. 24. (AB 190) Effective September 27, 2022.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94155.

94155. On or before March 31 in each year the authority shall make an annual report of its activities for the preceding calendar year to the Governor and the Legislature. Each such report shall set forth a complete operating and financial statement covering the authority’s operations during the year. The authority shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants. The authority shall also consult with the California Postsecondary Education Commission and the Student Aid Commission with respect to the need for additional financing of student loan projects.
(Amended by Stats. 1995, Ch. 917, Sec. 7. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4 - Powers and Duties; Notes and Bonds › Section 94156.

94156. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of this state, for the increase of their commerce, welfare, and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of a project by the authority will constitute the performance of an essential public function, neither the authority nor its agent shall be required to pay any taxes or assessments upon or in respect of a project or any property acquired or used by the authority under the provisions of this chapter, or upon the income therefrom, and any bonds issued under the provisions of this chapter, their transfer and the income therefrom, shall at all times be free from taxation of every kind by the state and by the municipalities and other political subdivisions in the state.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94157.

94157. As used in this article, unless the context requires otherwise, the following terms have the following meanings:
(a) “Executive director” means the Executive Director of the California Educational Facilities Authority.
(b) “Financial institution” means a bank as defined under paragraph (4) of subdivision (b) of Section 1201 of the Commercial Code, including a federal- or state-chartered bank, that has been approved by the authority to enroll qualified loans in the program and has agreed to all terms and conditions set forth in this article and as may be required by the authority. A financial institution shall have a branch or office, or be otherwise present for jurisdictional purposes, in California.
(c) “Loss reserve account” means an account in the State Treasury or in any financial institution that is established and maintained by the authority for the benefit of a financial institution participating in the program for the purposes of any of the following:
(1) Depositing all required fees paid by the financial institution and the qualified borrower.
(2) Depositing contributions made by the state and, if applicable, the federal government or other sources.
(3) Covering losses on enrolled qualified loans sustained by the financial institution by disbursing funds accumulated in the loss reserve account.
(d) “Private student loan” means a loan issued by a private lending institution for the costs of attendance at any public or private nonprofit college or university in the United States, notwithstanding the definitions in subdivisions (i), (k), and (l) of Section 94110.
(e) “Program” means the California Student Loan Refinancing Program created pursuant to this article.
(f) “Qualified borrower” means an individual meeting all of the following requirements:
(1) Residency in California.
(2) Completion of a bachelor’s degree.
(3) Employment in a public service program or by a nonprofit organization located in California.
(4) Able to repay, as determined by the authority.
(5) Meeting the criteria established by the financial institution and the authority.
(g) “Qualified loan” means a loan or a portion of a loan made by a financial institution to a qualified borrower to refinance a private student loan under the program. A qualified loan made under the program may be made with the interest rates, fees, and other terms and conditions agreed upon by the financial institution and the qualified borrower. Only a loan determined by the authority to be an educational loan nondischargeable in bankruptcy as set forth in Section 523 of Title 11 of the United States Code as that section existed on August 15, 2014, shall be a qualified loan eligible for financing under this article.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94158.

94158. (a) The California Student Loan Refinancing Program is hereby established under the administration of the authority. The goal of the program is to help college graduates who meet the eligibility criteria of the program, who are defined as qualified borrowers under Section 94157, to refinance student loan debt at favorable rates. This goal would be achieved through the creation of a revolving fund so that additional refinancing may occur to help more qualified borrowers, and through the creation of a loan loss reserve that can be leveraged by private lenders in the private student loan market.
(b) The authority may contract with any financial institution for the purpose of allowing the financial institution to participate in the program.
(c) A credit union operating pursuant to a certificate issued under the California Credit Union Law (Division 5 (commencing with Section 14000) of the Financial Code) may participate in the program only to the extent participation is in compliance with the California Credit Union Law. Nothing in this article shall be construed to limit the authority of the Commissioner of Financial Protection and Innovation to regulate credit unions subject to the commissioner’s jurisdiction under the California Credit Union Law.
(Amended by Stats. 2022, Ch. 452, Sec. 96. (SB 1498) Effective January 1, 2023.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94159.

94159. (a) The authority shall establish a loss reserve account for each financial institution with which the authority enters into a contract.
(b) The loss reserve account for a financial institution shall consist of moneys deposited by the authority and, as applicable, deposited by the qualified borrowers, the financial institution, or any other source.
(c) Notwithstanding any other law, the authority may establish and maintain loss reserve accounts, as provided in subdivision (c) of Section 94157, with any financial institution under any policies the authority may adopt.
(d) All moneys in a loss reserve account established pursuant to this article are the exclusive property of, and solely controlled by, the authority. Interest or income earned on moneys credited to the loss reserve account shall be deemed to be part of the loss reserve account. The authority may withdraw from the loss reserve account all, or a portion of, the interest or other income that has been credited to the loss reserve account. Any withdrawal made pursuant to this subdivision shall be used for the sole purpose of offsetting costs associated with carrying out the program, including administrative costs and loss reserve account contributions.
(e) The combined amount to be deposited by the financial institution into any individual loss reserve account over a three-year period, in connection with any single qualified borrower, shall be not more than seventy-five thousand dollars ($75,000).
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94160.

94160. (a) If a financial institution seeks to enroll a qualified loan in the program in order to obtain the protection against loss provided by its loss reserve account, after disclosing relevant qualified loan financial information to the qualified borrower, it shall notify the authority in writing on a form prescribed by the authority, within 15 calendar days after the date on which the qualified loan is made, of all of the following:
(1) The disbursement of the qualified loan.
(2) The dollar amount of the qualified loan enrolled.
(3) The interest rate applicable to, and the term of, the qualified loan.
(4) The amount of any administrative fee related to the processing of an existing loan or the issuance of a new loan.
(b) The executive director may authorize an additional five days for a financial institution to submit the written notification described in subdivision (a) to the authority on a loan-by-loan basis for a reason limited to conditions beyond the reasonable control of the financial institution.
(c) When making a qualified loan that will be enrolled under the program, the financial institution shall require the qualified borrower to whom the qualified loan is made to pay an administration fee as determined by the authority. The financial institution shall also pay an administration fee in an amount equal to the fee paid by the qualified borrower. The financial institution shall deliver the fees collected under this subdivision to the authority for deposit in the loss reserve account for the financial institution.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94161.

94161. (a) The authority shall establish procedures under which financial institutions may submit claims for reimbursement for losses incurred as a result of qualified loan defaults. A financial institution that charges off all or part of a qualified loan to the loss reserve account may file a claim for reimbursement with the authority if all of the following conditions are met:
(1) The claim occurs contemporaneously with the action of the financial institution to charge off all or part of the qualified loan.
(2) The charge off on a qualified loan is made in a manner that is consistent with the financial institution’s usual method for making determinations on personal loans that are not qualified loans.
(3) The financial institution has met all of the conditions established by the authority to assist the borrower in making payments prior to filing a claim for reimbursement.
(b) Costs for which a financial institution may be reimbursed from its loss reserve account include the amount of qualified loan principal charged off, accrued interest on the principal, reasonable out-of-pocket expenses incurred in pursuing its collection efforts, including preservation of collateral, and any other related costs. Proper documentation of the expenses, to the satisfaction of the authority, shall be presented at the time of the claim.
(c) If a financial institution files two or more claims contemporaneously, and there are insufficient funds in the loss reserve account at that time to cover the entire amount of such claims, the financial institution may designate the order of priority in which the claims shall be paid.
(d) A financial institution may seek reimbursement of qualified loan losses prior to the liquidation of collateral, if any, from defaulted qualified loans. The financial institution shall repay the loss reserve account for any moneys received as reimbursement under this section if the financial institution recovers moneys from the qualified borrower or from the liquidation of collateral for the defaulted qualified loan, less any reasonable out-of-pocket expenses incurred in collection of this amount.
(e) In any case in which the payment of a claim under this section has fully covered a financial institution’s loss on a qualified loan, the financial institution shall assign to the authority any right or title to, or interest in, any collateral, security, or other right of recovery in connection with a qualified loan made under the program.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94162.

94162. Notwithstanding Section 10231.5 of the Government Code, the authority shall annually submit a report to the Governor and the Legislature that describes the program’s financial condition and its results. Programmatic results described in the report shall include, but not necessarily be limited to, the total number of qualified borrowers served and the dollar amount of qualified loans issued for all new qualified loans issued since the report for the prior year. The report required by this section shall be submitted in accordance with Section 9795 of the Government Code.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94163.

94163. The authority may enter into agreements with financial institutions, or with other agencies of the state, to provide necessary assistance in carrying out the program, including origination and servicing of qualified loans.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94164.

94164. Notwithstanding the other provisions of this article, the authority may facilitate the development of a secondary market for a qualified loan under the program by providing security for that loan, thereby increasing participation in the program by financial institutions and improving access to qualified borrowers to refinance private student loans. For purposes of this section, the actions that the authority may take include, but are not necessarily limited to, assigning all or a portion of any loss reserve account to any other entity in connection with providing security for a qualified loan, including a trustee of a securitization trust, transferring a qualified loan from a financial institution to a securitization trust, and assisting underwriters in marketing a qualified loan to the secondary market.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 4.1 - California Student Loan Refinancing Program › Section 94165.

94165. The authority may adopt emergency regulations for the implementation of the program. Any emergency regulations that may be adopted by the authority under this section shall be adopted in accordance with the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code). The adoption of these regulations shall be deemed to be an emergency and necessary for the immediate preservation of the public peace, health and safety, or general welfare.
(Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 5 - Conflicts of Interest › Section 94170.

94170. Except as otherwise expressly provided in this chapter, any member, officer, agent or employee of the authority who is interested, either directly or indirectly, in any contract of another with the authority, or in the sale of any property, either real or personal, to the authority, shall be guilty of a misdemeanor.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 6 - Examination and Visitorial Power of State; Assistance of State Employees › Section 94180.

94180. The State Controller and his legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the authority, including its receipts, disbursements, contracts, sinking funds, investments and any other matters relating to its financial standing.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 6 - Examination and Visitorial Power of State; Assistance of State Employees › Section 94181.

94181. The authority shall be entitled to call to its assistance and avail itself of the services of such employees of any state department or agency as it may require and as may be available to it for said purpose.
The Attorney General shall be the legal counsel for the authority, but with the approval of the Attorney General the authority may employ such legal counsel as in its judgment is necessary or advisable to enable it to carry out the duties and functions imposed upon it by this chapter, including the appointment of such bond counsel as may be deemed advisable in connection with the issuance and sale of bonds.
(Enacted by Stats. 1976, Ch. 1010.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 7 - Construction of Facilities › Section 94191.

94191. The authority also shall have power:
(a) To make loans to any participating private college, participating nonprofit entity, or university applicant for the acquisition or construction of projects in accordance with a loan agreement and in accordance with plans and specifications that shall be subject to approval by the authority. No loan shall exceed the total cost of the project and the equipment therefor as determined by the authority. Each loan shall be premised upon an agreement between the authority and the participating private college, participating nonprofit entity, or university applicant as to payment, security, maturity, redemption, interest, and other appropriate matters.
(b) To make loans to any participating private college, participating nonprofit entity, or university applicant to refund existing bonds, mortgages, or advances or other obligations incurred, given, or made by the private college, participating nonprofit entity, or university applicant for the acquisition or construction of any projects.
(c) To make loans to any participating private college for working capital in accordance with a loan agreement. Each loan shall be premised upon an agreement between the authority and the participating private college as to payment, security, maturity, redemption, interest, and other appropriate matters.
(d) To make loans to any participating private college to refund existing bonds, mortgages, or advances or other obligations incurred, given, or made by the participating private college for working capital.
(Amended (as amended by Stats. 2022, Ch. 123, Sec. 6) by Stats. 2022, Ch. 572, Sec. 26. (AB 190) Effective September 27, 2022.)
2023 California Code › Education Code - EDC › TITLE 3 - POSTSECONDARY EDUCATION › DIVISION 10 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › PART 59 - PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS › CHAPTER 2 - California Educational Facilities Authority Act › ARTICLE 7 - Construction of Facilities › Section 94192.

94192. For the purpose of obtaining and securing loans under Section 94191, every participating private college, participating nonprofit entity, or university applicant shall, notwithstanding any other law, have power to mortgage and pledge any of its real or personal property, and to pledge any of its income from whatever source to repay the principal of and interest on any loan made to it by the authority or to pay the interest on and principal and redemption premium, if any, of any note, bond, or other evidence of indebtedness evidencing the debt created by that loan; provided that the foregoing shall not be construed to authorize actions in conflict with specific legislation, trusts, endowment, or other agreements relating to specific properties or funds.
(Amended by Stats. 2022, Ch. 572, Sec. 27. (AB 190) Effective September 27, 2022.)