69996.52.
(a) A financial institution that does business in California shall pay a fee in the amount of 1 percent of the amount of each educational loan made to a private person for purposes of financing study in California. The fee shall not apply to subsidized loans made through educational institutions.(b) The fees paid by financial institutions pursuant to subdivision (a) shall be remitted to the State Treasury for deposit into the California Kids Investment and Development Savings Program Fund for support of the program.