The department shall determine whether to approve a loan application pursuant to this article based upon the information submitted pursuant to Section 80405. In making a decision regarding whether to approve a loan application, the department shall approve a loan pursuant to this article for a property only if the department determines the property is a brownfield or an underutilized property.

(Added by Stats. 2022, Ch. 257, Sec. 2. (AB 2293) Effective January 1, 2023. Operative January 1, 2024, pursuant to Sec. 4 of Stats. 2022, Ch. 257.)