SECTIONS 12700 - California Statutes

WELFARE AND INSTITUTIONS CODE

SECTION 12700

12700. There is in the State Treasury a permanent revolving fund,
in the amount of one hundred fifty thousand dollars ($150,000), to be
known as the Revolving Loan Fund, and to be administered by the
department. The fund shall be used to make loans to recipients of aid
to the aged, blind, or disabled due to blindness under Chapter 3
(commencing with Section 12000), at a rate of interest not to exceed
3 percent per year, to enable those recipients to establish
themselves in businesses, professions, or other gainful employment,
including, but not limited to self-employment or to assist those
already engaged in such endeavors. No loan in excess of fifteen
thousand dollars ($15,000) shall be made to any individual under this
section.
The department shall establish through the Office of Services to
the Blind the terms and conditions of loans made pursuant to this
section, and shall prescribe the procedure to be followed in making
application for such loans. All funds received in repayment of loans
made pursuant to this section shall be deposited in the Revolving
Loan Fund, and shall be available for the making of additional loans
as provided in this section.
The collection procedures appropriate to the purposes and
objectives of the loan fund shall be prescribed by the Office of
Services to the Blind.