California Business and Professions Code

§ 10233

BPC § 10233 Effective Jan 1, 2006Div. 4 · Part 1 · Ch. 3 · Art. 5

Statute text

A real estate licensee who undertakes to service a promissory note secured directly or collaterally by a lien on real property or a real property sales contract shall comply with each of the following requirements:

(a)The licensee shall have a written authorization from the borrower, the lender, or the owner of the note or contract, that is included within the terms of a written servicing agreement that satisfies the requirements of paragraphs (1), (2), (4), and (5) of subdivision (k) of Section 10238.

(b)The licensee shall provide the lender or the owner of the note or contract with at least the following accountings:

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Legislative history

Amended by Stats. 2005, Ch. 153, Sec. 2. Effective January 1, 2006.