This command reloads the game's language (localisation) files that are located in the localisation directory, applying any changes you've made to them without having to restart the game.
The syntax for the reloadloc command is as follows:
reloadloc
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reloadloc
After running the above console command, all files in the SteamLibrary\steamapps\common\Crusader Kings II\localisation directory will be reloaded, applying any changes you have made to them.