California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 6 — Loans of E.R.I.S.A. Pension Funds, Section 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.
Notes
Exempts obligations of, loans made by, and forbearances of pension funds or retirement systems subject to the Employee Retirement Income Security Act of 1974 from the California Constitution's interest-rate restrictions. Establishes those ERISA-covered pension funds and retirement systems as an exempt class of persons under the cited constitutional authority.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1917.220 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-6/section-1917-220