Amended by Stats. 2024, Ch. 129, Sec. 50. (SB 1097) Effective January 1, 2025.
(a)To the extent permitted by federal law and the California Constitution, any principal and interest on any financial obligation or liability bearing interest and incurred by a member of the California National Guard or their surviving spouse, or surviving domestic partner, or any principal and interest on any financial obligation or liability bearing interest incurred by a member of the California National Guard for which the beneficiary of that member is liable, shall be deferred for a period of six months after the death of the member without penalty or accrual of any additional interest.
(b)For purposes of this section, the following terms have the following meanings:
(1)“Interest” includes service charges, renewal charges, fees, or any other charges with respect to any obligation or liability.
(2)“Beneficiary” means a beneficiary of the deceased member of the California National Guard who is or has become, after the member’s death, liable for any of the member’s financial obligations or liabilities bearing interest.
(c)This section shall only apply:
(1)To a member of the California National Guard that is killed in the line of duty in the service of the state or federal government.
(2)When a member’s surviving spouse, surviving domestic partner, or other beneficiary provides written notice of the death of the member to the financial institution to which they are liable and from which they are requesting deferral of interest and payments as set forth in this section.
(3)To a financial obligation or liability bearing interest that was created between a private entity and a member of the California National Guard or their surviving
spouse or surviving domestic partner,
or to a financial obligation or liability bearing interest that was created between a private entity and a member of the National Guard for which the beneficiary of that member is liable, before that member’s entry
into service.
Cite this section