Gov. Code, § 7509 · Article 1. General Provisions
Gov. Code, § 7509
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) The restrictions upon rates of interest contained in Section 1 of Article XV of the California Constitution shall not apply to any loans made by, or forbearances of, any state or local public retirement system, including, but not limited to, any public retirement system authorized and regulated by the State Teachers’ Retirement Law, the Public Employees’ Retirement Law, the County Employees Retirement Law of 1937, any public retirement system administered by the Teachers Retirement Board or Board of Administration of the Public Employees’ Retirement System, or any public retirement system acting pursuant to the laws of this state or the laws of any local agency.
(b) For the purposes of this section, “local agency” means county, city, city and county, district, school district, or any public or municipal corporation, political subdivision, or other public agency of the state, or any instrumentality of one or more of these agencies.
(c) This section creates and authorizes any state or local retirement system as an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.
Notes and commentary — not statutory text
History
Amended by Stats. 2006, Ch. 538, Sec. 236. Effective January 1, 2007.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=7509.
- Text hash
- sha256 72fc1841e13dd2664ba76e885dacc2198580e3812b6c4574ee6259b8a8ac4d0f
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
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California Constitution
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