California AB448 extends loan repayment period for nondesignated public hospitals.

California AB448 amends the Health and Safety Code to extend the repayment period for nondesignated public hospitals participating in a loan program. Hospitals that received loan approval and entered into a loan and security agreement with the California Health Facilities Financing Authority must begin monthly repayments 36 months after the loan date. The bill also allows the authority to extend the repayment period for hospitals unable to repay their loans by the required time. The monthly payments are amortized over the loan term at 0 percent interest, with no prepayment penalty.

California AB448 extends loan repayment period for nondesignated public hospitals.

California AB448 amends the Health and Safety Code to extend the repayment period for nondesignated public hospitals participating in a loan program. Hospitals that received loan approval and entered into a loan and security agreement with the California Health Facilities Financing Authority must begin monthly repayments 36 months after the loan date. The bill also allows the authority to extend the repayment period for hospitals unable to repay their loans by the required time. The monthly payments are amortized over the loan term at 0 percent interest, with no prepayment penalty.