California Business and Professions Code

§ 10145

BPC § 10145 Effective Jan 1, 2019Div. 4 · Part 1 · Ch. 3 · Art. 1

Statute text

(a)(1) A real estate broker who accepts funds belonging to others in connection with a transaction subject to this part shall deposit all those funds that are not immediately placed into a neutral escrow depository or into the hands of the broker’s principal, into a trust fund account maintained by the broker in a bank or recognized depository in this state. All funds deposited by the broker in a trust fund account shall be maintained there until disbursed by the broker in accordance with instructions from the person entitled to the funds.

(2)Withdrawals may be made from a trust fund account of an individual broker only upon the signature of that broker, or in the case of a corporate broker, only upon the signature of an officer through whom the corporation is licensed pursuant to Section 10158 or 10211, or one, or more, of the following persons if specifically authorized in writing by the individual broker or officer:

(A)A real estate salesperson licensed to the broker.

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Legislative history

Amended by Stats. 2018, Ch. 92, Sec. 12. (SB 1289) Effective January 1, 2019.