BILL NUMBER: AB 2402INTRODUCED BILL TEXT INTRODUCED BY Assembly Members Olsen and Baker FEBRUARY 19, 2016 An act relating to loan assumption. LEGISLATIVE COUNSEL'S DIGEST AB 2402, as introduced, Olsen. Student financial aid: loan assumption. Existing law establishes an assumption program of loans for education, administered by the Student Aid Commission, under which any person enrolled in a participating institution of postsecondary education, or any person who agrees to participate in a teacher trainee or teacher internship program, is eligible to enter into an agreement for loan assumption, to be redeemed pursuant to a prescribed procedure upon verification of the applicant becoming employed as a teacher and satisfying certain conditions. Existing law also establishes the State Nursing Assumption Program of Loans for Education, administered by the Student Aid Commission, whereby eligible postsecondary education students may enter into loan repayment agreements with the commission, with specified terms, in exchange for serving as nursing faculty in a registered nursing program at an accredited California college or university. This bill would state the intent of the Legislature to enact legislation that would amend the Education Code relating to loan assumption. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. It is the intent of the Legislature to enact legislation that would amend the Education Code relating to loan assumption.