Pursuant to the authority contained in § 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in § 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.

Terms Used In California Civil Code 1917.220

  • Forbearance: A means of handling a delinquent loan. A
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(Added by Stats. 1983, Ch. 557, Sec. 2.)

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