(a) Upon authorization by the Legislature in the annual Budget Act, the Controller shall transfer a sum, as available, from the account to the subaccount as necessary to meet anticipated loan demand under the program.
(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as provided in paragraph (2), this section shall become inoperative on July 1, 2031, and as of January 1, 2032, is repealed, unless a later enacted statute, which becomes effective on or before January 1, 2032, deletes or extends the date on which it becomes inoperative and is repealed.
(2) (A) 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.
(B) The department shall not be obligated to pay interest on the amount appropriated from the account to the subaccount pursuant to subdivision (a). This subparagraph shall apply retroactively from January 1, 1992.
(Amended by Stats. 2019, Ch. 690, Sec. 9. (AB 1583) Effective January 1, 2020. Inoperative July 1, 2031. Repealed as of January 1, 2032, by its own provisions.)
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