California Business and Professions Code

§ 10231.2

BPC § 10231.2 Effective Jan 1, 2022Div. 4 · Part 1 · Ch. 3 · Art. 5

Statute text

(a)A real estate broker who, through express or implied representations that the broker or any salesperson acting on the broker’s behalf is engaging in acts for which a real estate license is required by subdivision (d) or (e) of Section 10131, proposes to solicit and accept funds, or to cause the solicitation and acceptance of funds, to be applied to a purchase or loan transaction in which the broker will directly or indirectly obtain the use or benefit of the funds other than for commissions, fees, and costs and expenses as provided by law for the broker’s services as an agent, shall, prior to the making of any representation, solicitation, or presentation of the statement described in subdivision (b), submit the following to the Department of Real Estate:

(1)A true copy of the statement described in subdivision (b) complete except for the signature of the prospective lender or purchaser.

(2)A statement that the submittal is being made to the department pursuant to Section 10231.2.

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Legislative history

Amended by Stats. 2021, Ch. 431, Sec. 20. (SB 800) Effective January 1, 2022.