California Business and Professions Code

§ 10471

BPC § 10471 Effective Jan 1, 2024Div. 4 · Part 1 · Ch. 6.5

Statute text

(a)When an aggrieved person obtains (1) a final judgment in a court of competent jurisdiction, including, but not limited to, a criminal restitution order issued pursuant to subdivision (f) of Section 1202.4 of the Penal Code or Section 3663 of Title 18 of the United States Code, or (2) an arbitration award that includes findings of fact and conclusions of law rendered in accordance with the rules established by the American Arbitration Association or another recognized arbitration body, and in accordance with Sections 1281 to 1294.2, inclusive, of the Code of Civil Procedure when applicable, and when the arbitration award has been confirmed and reduced to judgment pursuant to Section 1287.4 of the Code of Civil Procedure, against a defendant based upon the defendant’s fraud, misrepresentation, or deceit, made with intent to defraud, or conversion of trust funds, arising directly out of any transaction in which the defendant, while licensed under this part, performed acts for which a real estate license or a prepaid rental listing service license was required, the aggrieved person may, upon the judgment becoming final, file an application with the Department of Real Estate for payment from the Consumer Recovery Account, within the limitations specified in Section 10474, of the amount unpaid on the judgment that represents an actual and direct loss to the claimant in the transaction. As used in this chapter, “court of competent jurisdiction” includes the federal courts, but does not include the courts of another state.

(b)The application shall be delivered in person, by certified mail, or electronically in a manner prescribed by the department, to an office of the department not later than one year after the judgment has become final.

(c)The application shall be made on a form prescribed by the department, verified by the claimant, and shall include the following:

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Legislative history

Amended by Stats. 2023, Ch. 510, Sec. 90. (SB 887) Effective January 1, 2024.