Any person may submit an application to the department for a loan from the fund to purchase a vanpool vehicle for operation by the person as a vanpool operator. Title to the vehicle shall be retained by the department until the loan is repaid in full. The loan shall be repaid over a period of time not to exceed the vehicle’s useful life. Once the loan is repaid in full, title to the vehicle shall be transferred to the vanpool operator.
Cal. Sts. & High. Code § 2572
Vanpool Financing
Added by Stats. 1989, Ch. 799, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.