CA AB964

Creates the California Affordable Clean Vehicle Program, effective until January 1, 2027, to help low-income individuals purchase or lease zero emission and plug-in electric vehicles through affordable financing mechanisms administered by the California Pollution Control Financing Authority.

Authorizes the authority to offer financing options including loss reserve accounts with participating financial institutions, funds to reduce interest rates on qualified loans, and other methods to increase participation rates among low-income borrowers.

Establishes the California Affordable Clean Vehicle Fund in the State Treasury as the sole funding source for the program, with funds available upon legislative appropriation for program implementation and administrative costs.

Requires the authority to administer the program in coordination with the State Air Resources Board and ensure alignment with the Charge Ahead California Initiative and other existing clean vehicle incentive programs.

Mandates consumer protections including review of applicants' ability to afford monthly payments and prohibits lenders from collecting amounts exceeding the vehicle's value, and requires the authority to adopt regulations within 45 days of public notice and hearing.