Today's Law As Amended


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AB-2173 Department of Food and Agriculture: Fair and Exposition Fund: loans to fairs: deferral of loan repayment.(2019-2020)



As Amends the Law Today


SECTION 1.

 Section 19629 of the Business and Professions Code is amended to read:

19629.
 (a)  The Department of Food and Agriculture may make and may administer loans from the Fair and Exposition Fund to any fair in the network of California fairs according to agreements that are specific to the circumstances that gave rise to a receiving fair’s need for a loan, subject to the fair’s demonstrated ability to repay the loan.
(b) A fair may defer repayment of a loan issued pursuant to subdivision (a) until July 1, 2021. Interest shall not accrue on a loan during the time period that a fair elects to defer repayment pursuant to this subdivision.
SEC. 2.
 This act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the California Constitution and shall go into immediate effect. The facts constituting the necessity are:
In order to provide relief to fairs experiencing financial hardship due to the COVID-19 pandemic at the earliest possible date, it is necessary that this act take effect immediately.