CA SB 631
enactedCharter School Revolving Loan Fund.
California · 2025-2026 Regular Session · upper
Quick answers
Did CA SB 631 pass?
Yes. CA SB 631 has been enacted into law as of 2025-10-13. Latest recorded action (2025-10-13): Chaptered by Secretary of State. Chapter 776, Statutes of 2025.
What is CA SB 631 about?
Existing law establishes the Charter School Revolving Loan Fund, under the administration of the California School Finance Authority, and authorizes loans to be made from the fund to (1) a chartering authority for charter schools that are not a conversion of an existing school or (2) directly to a charter school that qualifies to receive specified funding and is not a conversion of an existing school. Under existing law, moneys appropriated to the fund remain available for purposes of the fund until reappropriated or reverted by the Legislature. Existing law limits the amount loaned to a qualifying charter school from the fund to $250,000 over the lifetime of the charter school and authorizes a qualifying charter school to receive money obtained from multiple loans made directly to the charter school or to the school's chartering authority from the fund, as long as the total amount received from the fund over the lifetime of the charter school does not exceed $250,000. Existing law requires the Controller, commencing with the first fiscal year following the fiscal year the charter school receives the loan, to deduct from apportionments made to the chartering authority or charter school, as appropriate, an amount equal to the annual repayment of the amount loaned to the chartering authority or charter school for the charter school and to pay the same amount into the fund, as provided. Existing law requires moneys in the fund to be loaned at the interest rate earned by the moneys in the Pooled Money Investment Account as of the date of disbursement of the funds to the charter school. This bill, among other things, would increase the maximum loan amount and the maximum lifetime loan limitation by $250,000 to instead be $500,000, would revise and recast the maximum repayment period of a loan, as specified, would no longer make the charter school solely liable for repayment of a loan in the event of a default, and would revise criteria for receiving priority in the granting of loans. The bill would require moneys in the fund to instead be loaned at the interest rate described above or at a rate equal to 50% of the interest rate paid by the state on the most recent sale of state general obligation bonds, whichever is less, except that the bill would prohibit the interest rate from being set at a rate lower than 3%. Existing law creates the Charter School Security Fund, under the administration of the California School Finance Authority, and requires moneys in the fund to be available for deposit into the Charter School Revolving Loan Fund in case of default on any loan made from the Charter School Revolving Loan Fund. Existing law requires the California School Finance Authority, by October 1 of each year, to provide detailed fund condition information for the Charter School Revolving Loan Fund and the Charter School Security Fund to the Department of Finance and the Legislative Analyst's Office. This bill would require the above-described annual report to also be provided to specified committees of the Legislature. The bill would require the report due by October 1, 2029, to additionally include an analysis and summary of the expenditures of loan funds made by the charter school loan recipient for loans issued on or after July 1, 2026, as provided.
Who sponsors CA SB 631?
Richardson is the primary sponsor of CA SB 631.
Description
Existing law establishes the Charter School Revolving Loan Fund, under the administration of the California School Finance Authority, and authorizes loans to be made from the fund to (1) a chartering authority for charter schools that are not a conversion of an existing school or (2) directly to a charter school that qualifies to receive specified funding and is not a conversion of an existing school. Under existing law, moneys appropriated to the fund remain available for purposes of the fund until reappropriated or reverted by the Legislature. Existing law limits the amount loaned to a qualifying charter school from the fund to $250,000 over the lifetime of the charter school and authorizes a qualifying charter school to receive money obtained from multiple loans made directly to the charter school or to the school's chartering authority from the fund, as long as the total amount received from the fund over the lifetime of the charter school does not exceed $250,000. Existing law requires the Controller, commencing with the first fiscal year following the fiscal year the charter school receives the loan, to deduct from apportionments made to the chartering authority or charter school, as appropriate, an amount equal to the annual repayment of the amount loaned to the chartering authority or charter school for the charter school and to pay the same amount into the fund, as provided. Existing law requires moneys in the fund to be loaned at the interest rate earned by the moneys in the Pooled Money Investment Account as of the date of disbursement of the funds to the charter school. This bill, among other things, would increase the maximum loan amount and the maximum lifetime loan limitation by $250,000 to instead be $500,000, would revise and recast the maximum repayment period of a loan, as specified, would no longer make the charter school solely liable for repayment of a loan in the event of a default, and would revise criteria for receiving priority in the granting of loans. The bill would require moneys in the fund to instead be loaned at the interest rate described above or at a rate equal to 50% of the interest rate paid by the state on the most recent sale of state general obligation bonds, whichever is less, except that the bill would prohibit the interest rate from being set at a rate lower than 3%. Existing law creates the Charter School Security Fund, under the administration of the California School Finance Authority, and requires moneys in the fund to be available for deposit into the Charter School Revolving Loan Fund in case of default on any loan made from the Charter School Revolving Loan Fund. Existing law requires the California School Finance Authority, by October 1 of each year, to provide detailed fund condition information for the Charter School Revolving Loan Fund and the Charter School Security Fund to the Department of Finance and the Legislative Analyst's Office. This bill would require the above-described annual report to also be provided to specified committees of the Legislature. The bill would require the report due by October 1, 2029, to additionally include an analysis and summary of the expenditures of loan funds made by the charter school loan recipient for loans issued on or after July 1, 2026, as provided.
- Introduced
- 2025-02-20
- Latest action
- 2025-10-13 — Chaptered by Secretary of State. Chapter 776, Statutes of 2025.
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Richardsonauthor
Committees
Not provided by source.
Action timeline
2025-02-20
Introduced. Read first time. To Com. on RLS. for assignment. To print.
introduction,reading-1,referral-committee
2025-02-21
From printer. May be acted upon on or after March 23.
2025-03-05
Referred to Com. on ED.
referral-committee
2025-04-09
Set for hearing April 30.
2025-04-21
From committee with author's amendments. Read second time and amended. Re-referred to Com. on ED.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-04-30
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 961.) (April 30). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2025-05-02
Set for hearing May 12.
2025-05-12
May 12 hearing: Placed on APPR. suspense file.
2025-05-16
Set for hearing May 23.
2025-05-23
From committee: Do pass. (Ayes 5. Noes 1. Page 1207.) (May 23).
committee-passage,committee-passage-favorable
2025-05-23
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2025-05-28
Read third time. Passed. (Ayes 38. Noes 0. Page 1304.) Ordered to the Assembly.
passage,reading-1,reading-3
2025-05-28
In Assembly. Read first time. Held at Desk.
reading-1
2025-06-05
Referred to Com. on ED.
referral-committee
2025-07-03
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 2).
amendment-passage,committee-passage,committee-passage-favorable,referral-committee
2025-07-07
Read second time and amended. Re-referred to Com. on APPR.
amendment-passage,reading-1,reading-2,referral-committee
2025-07-16
July 16 set for first hearing. Placed on APPR. suspense file.
2025-08-29
From committee: Do pass. (Ayes 15. Noes 0.) (August 29).
committee-passage,committee-passage-favorable
2025-09-02
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2025-09-05
Ordered to third reading.
reading-1,reading-3
2025-09-05
Assembly Rule 69(b)(1) suspended.
2025-09-05
Read third time and amended.
amendment-passage,reading-1,reading-3
2025-09-09
Read third time. Passed. (Ayes 78. Noes 0. Page 3077.) Ordered to the Senate.
passage,reading-1,reading-3
2025-09-09
In Senate. Concurrence in Assembly amendments pending.
2025-09-10
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2822.) Ordered to engrossing and enrolling.
amendment-passage,committee-passage,committee-passage-favorable
2025-09-22
Enrolled and presented to the Governor at 11 a.m.
executive-receipt
2025-10-13
Approved by the Governor.
executive-signature
2025-10-13
Chaptered by Secretary of State. Chapter 776, Statutes of 2025.
became-law
Versions
- 02/20/25 - Introduced — 2025-02-20Compare
- 04/21/25 - Amended Senate — 2025-04-21Compare
- 07/07/25 - Amended Assembly — 2025-07-07Compare
- 09/05/25 - Amended Assembly — 2025-09-05Compare
- 09/13/25 - Enrolled — 2025-09-13Compare
- 10/13/25 - Chaptered — 2025-10-13Compare
- SB631Compare
- (document, no version)Compare
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Votes
Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar
2025-04-30 · pass · 7-0
Member-level votes (7)
- Cortese: yes
- Laird: yes
- Cabaldon: yes
- Pérez: yes
- Ochoa Bogh: yes
- Gonzalez: yes
- Choi: yes
Placed on suspense file
2025-05-12 · pass · 7-0
Member-level votes (7)
- Wahab: yes
- Seyarto: yes
- Grayson: yes
- Richardson: yes
- Cabaldon: yes
- Dahle: yes
- Caballero: yes
Do pass
2025-05-23 · pass · 5-1
Member-level votes (7)
- Caballero: yes
- Seyarto: yes
- Cabaldon: yes
- Richardson: yes
- Grayson: yes
- Wahab: no
- Dahle: other
3rd Reading
2025-05-28 · pass · 38-0
Member-level votes (40)
- McNerney: yes
- Cabaldon: yes
- Allen: yes
- Padilla: yes
- Cervantes: yes
- Gonzalez: yes
- Smallwood-Cuevas: yes
- Laird: yes
- Becker: yes
- Ochoa Bogh: yes
- Rubio: yes
- Strickland: yes
- Umberg: yes
- Caballero: yes
- Arreguín: yes
- Wahab: yes
- Weber Pierson: yes
- Archuleta: yes
- McGuire: yes
- Richardson: yes
- Blakespear: yes
- Choi: yes
- Cortese: yes
- Hurtado: yes
- Valladares: yes
- Jones: yes
- Alvarado-Gil: yes
- Grove: yes
- Dahle: yes
- Durazo: yes
- Niello: yes
- Ashby: yes
- Grayson: yes
- Wiener: yes
- Stern: yes
- Pérez: yes
- Seyarto: yes
- Menjivar: yes
- Limón: other
- Reyes: other
Do pass as amended and be re-referred to the Committee on [Appropriations]
2025-07-02 · pass · 9-0
Member-level votes (9)
- Addis: yes
- Hoover: yes
- Castillo: yes
- Alvarez: yes
- Patel: yes
- Bonta: yes
- Garcia: yes
- Muratsuchi: yes
- Lowenthal: yes
Do pass.
2025-08-29 · pass · 15-0
Member-level votes (15)
- Ta: yes
- Elhawary: yes
- Pellerin: yes
- Fong: yes
- Pacheco: yes
- Tangipa: yes
- Calderon: yes
- Arambula: yes
- Dixon: yes
- Mark González: yes
- Sanchez: yes
- Wicks: yes
- Caloza: yes
- Ahrens: yes
- Solache: yes
SB 631 Richardson Senate Third Reading By Patel
2025-09-09 · pass · 78-0
Member-level votes (80)
- Addis: yes
- Haney: yes
- Elhawary: yes
- Carrillo: yes
- Ransom: yes
- Berman: yes
- Bauer-Kahan: yes
- Schiavo: yes
- Alvarez: yes
- Hoover: yes
- Nguyen: yes
- Ortega: yes
- Solache: yes
- Lowenthal: yes
- Petrie-Norris: yes
- Gabriel: yes
- DeMaio: yes
- Hadwick: yes
- Irwin: yes
- Tangipa: yes
- Patel: yes
- Kalra: yes
- Sanchez: yes
- Johnson: yes
- Mark González: yes
- Gipson: yes
- Hart: yes
- Calderon: yes
- Wilson: yes
- Soria: yes
- Valencia: yes
- Celeste Rodriguez: yes
- Connolly: yes
- Papan: yes
- Bonta: yes
- Jeff Gonzalez: yes
- Alanis: yes
- Patterson: yes
- Jackson: yes
- Davies: yes
- Pellerin: yes
- Muratsuchi: yes
- Krell: yes
- Chen: yes
- Quirk-Silva: yes
- Bains: yes
- Michelle Rodriguez: yes
- Arambula: yes
- Bennett: yes
- Ávila Farías: yes
- Aguiar-Curry: yes
- Lee: yes
- Castillo: yes
- Wallis: yes
- Stefani: yes
- Ta: yes
- Blanca Rubio: yes
- Gallagher: yes
- Ellis: yes
- Macedo: yes
- McKinnor: yes
- Ramos: yes
- Rivas: yes
- Ahrens: yes
- Dixon: yes
- Rogers: yes
- Ward: yes
- Fong: yes
- Wicks: yes
- Schultz: yes
- Pacheco: yes
- Boerner: yes
- Sharp-Collins: yes
- Bryan: yes
- Harabedian: yes
- Lackey: yes
- Flora: yes
- Garcia: yes
- Caloza: other
- Zbur: other
Unfinished Business SB631 Richardson Concurrence
2025-09-10 · pass · 40-0
Member-level votes (40)
- Umberg: yes
- Grove: yes
- Wiener: yes
- Niello: yes
- Jones: yes
- Wahab: yes
- Cortese: yes
- Dahle: yes
- Alvarado-Gil: yes
- Limón: yes
- Seyarto: yes
- Durazo: yes
- Choi: yes
- Archuleta: yes
- Gonzalez: yes
- Smallwood-Cuevas: yes
- Grayson: yes
- Weber Pierson: yes
- Hurtado: yes
- Arreguín: yes
- Laird: yes
- Cervantes: yes
- Rubio: yes
- McGuire: yes
- Reyes: yes
- Blakespear: yes
- Padilla: yes
- Valladares: yes
- Menjivar: yes
- Pérez: yes
- Strickland: yes
- Stern: yes
- Allen: yes
- Caballero: yes
- McNerney: yes
- Ochoa Bogh: yes
- Ashby: yes
- Richardson: yes
- Becker: yes
- Cabaldon: yes
Related bills
No related bills recorded for this bill.
Official source
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