California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 3 — Loan of Money, Section 1916.2
The restrictions upon rates of interest contained in Section 1 of Article XV of the California Constitution do not apply to any loans made by, or forbearances of, a public retirement or pension system that is created, authorized, and regulated by the laws of a state other than California, or the laws of a local agency of a state other than California.
This section establishes as an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution, any public retirement or pension system that is created, authorized, and regulated by the laws of a state other than California, or the laws of a local agency of a state other than California.
Notes
Exempts loans made by, and forbearances of, public retirement or pension systems created, authorized, and regulated under another state's laws or another state's local-agency laws from California's constitutional interest-rate restrictions. Establishes those out-of-state public retirement and pension systems as an exempt class under the cited constitutional authority.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1916.2 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-3/section-1916-2