Sellers of travel.

Removed the requirement that the Travel Consumer Restitution Corporation obtain Attorney General approval before increasing the maximum operations fund assessment above $60 per location per year. The corporation can now make CPI-based increases on its own.

The maximum annual operations fund assessment increases from $60 to $70 per location per year, effective January 1, 2031.

The new Section 17550.44 (effective 2031) removes the requirement that the corporation obtain Attorney General approval before increasing the assessment cap by the CPI amount each fiscal year.

A sunset clause is added to the existing Section 17550.44, which will be repealed on January 1, 2031, at which point a new version of the section becomes operative with the higher $70 cap.

The prior version included nonsubstantive changes to legislative findings and declarations in Section 17550; these are removed from the amended bill.

The fiscal committee designation changes from 'no' to 'yes,' indicating the bill now requires review by the Legislative Fiscal Committee, likely due to the new tax levy structure with a future effective date.

The maximum annual operations fund assessment per location is increased from $35 to $60.

A new mechanism allows the corporation, with Attorney General approval, to increase the maximum operations fund assessment once per fiscal year by an amount not exceeding the one-year increase in the California Consumer Price Index for the immediately preceding year.

If the restitution fund balance falls below $1,600,000 as of January 15, the corporation must assess participants up to a maximum of $200 per location to restore the fund to that level.

If the restitution fund balance falls below $900,000 on May 1 or October 15, the corporation may make an emergency assessment of up to $150 per year per location (not more than twice per year) to restore the fund to $1,600,000.

If the board determines the operations fund will be insufficient for the current or next fiscal year, the corporation may make an emergency assessment of up to $65 per year per location (not more than once per fiscal year).

The corporation may transfer interest earned on the Restitution Fund to the Operations Fund, provided the restitution fund balance does not fall below $1,200,000.

The fiscal committee vote changes from 'no' to 'yes,' indicating the amendment introduces a fiscal impact that was not present in the original bill.

A late fee of $5 per day, up to a maximum of $500, applies to overdue assessments.

The corporation must report each levy of assessment to the Attorney General within 10 business days after the levy.

The bill is reclassified as a tax levy under Article IV of the California Constitution, requiring a two-thirds vote in each house and taking effect immediately upon passage.