Section 987.875 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.875
. Notwithstanding Section 987.87 or any other provision of
law, the department shall report to the California Veterans Board and
the Veterans' Finance Committee of 1943, regarding the recommended
rate of interest payable upon the amount remaining unpaid under any
veteran's purchase contract executed on or after January 1, 1999. The
department, from time to time, shall establish and may modify,
subject to the approval of the board and the committee, the actual
rates to be paid, which may be fixed interest rates or variable
interest rates, or the methodology and timing for determining or
modifying the actual interest rates to be paid, which methodology may
produce fixed interest rates or variable interest rates on purchase
contracts executed on or after January 1, 1999. The interest rates
need not be uniform for all the purchase contracts. The interest
rates shall be determined by the department in accordance with
guidelines established by the board and the committee.