Sections
27 entriesSection 10230Exempts specified broker-negotiated loans and sales or exchanges of financing notes connected with qualifying real-property sales or exchanges in which the broker…Section 10231Prohibits a person performing specified licensed loan or note activities from accepting prospective purchaser or lender funds, or causing them to enter…Section 10231.1Prohibits a person acting as agent or principal in the specified real-estate loan or note activities from retaining funds payable under a…Section 10231.2Requires a broker soliciting funds for a transaction benefiting the broker, specified corporate insiders, or a 10-percent owner to deliver the prescribed…Section 10232Sets enhanced reporting for brokers expecting within 12 months at least 10 covered transactions over $1,000,000 or collections of at least $250,000;…Section 10232.1Allows a real estate broker to submit proposed covered advertising to the department before use with a $100 fee, adjustable by regulation…Section 10232.2Requires real estate brokers to file annual trust-fund and business reports within 90 days after the fiscal year, subject to good-cause extensions;…Section 10232.25Requires covered brokers to file trust-fund status reports within 30 days after each of the first three fiscal quarters, subject to good-cause…Section 10232.3Limits note-and-lien transactions by property-value ratios: 80% owner-occupied homes, 75% other homes, 65% commercial or improved lots, 60% income land, 50% development…Section 10232.4Requires a broker soliciting a real-property-secured loan or note purchase to deliver the disclosure as early as practicable before obligation and generally…Section 10232.45Requires covered brokers selling real-property-secured notes or interests to make reasonable efforts to ensure purchasers understand the investment, can bear its risk,…Section 10232.5Requires disclosure statements for covered real-estate loan, note, or contract transactions, including property identification and value, borrower or obligor information, loan or…Section 10232.6Allows a broker who uses a licensed or certified appraiser and delivers the appraisal as required to satisfy specified fair-market-value disclosure duties…Section 10233Requires a real estate licensee servicing a real-property-secured note or sales contract to have written authorization in a servicing agreement and provide…Section 10233.1Requires a broker servicing a secured note or real property sales contract to give written notice within 10 days after using funds…Section 10233.2Defines delivery, transfer, and perfection as complete for specified Commercial Code purposes when a broker retains a serviced promissory note or collateral…Section 10234Requires a licensee to record a trust deed before disbursing loan funds unless written lender authorization permits prior release; after release, recording…Section 10234.5Requires a broker placing any loan, in addition to the referenced recording requirements, to deliver or cause delivery of conformed copies of…Section 10235Prohibits a real estate licensee from knowingly disseminating false, misleading, or deceptive statements about rates, terms, or conditions for loans or real-property…Section 10235.5Prohibits a real estate licensee or mortgage loan originator from placing a loan advertisement disseminated primarily in California unless its printed text,…Section 10236Allows the commissioner to provide written interpretive opinions on the article or implementing regulations when interested persons request them. Exempts acts or…Section 10236.1Prohibits a real estate licensee from advertising a premium, gift, or other object of value as an inducement for a prospective purchaser…Section 10236.2Sets escalating penalties for a qualifying broker who misses the required 30-day written notice: $50 per day through the 30th penalty day,…Section 10236.4Requires licensed brokers soliciting borrowers or potential investors in advertising to display their license number and requires mortgage-loan originators soliciting borrowers to…Section 10236.5Requires a broker to notify the department when the broker stops servicing or arranging loans subject to the cited reporting requirements. If…Section 10236.6Allows the commissioner, after reasonable notice, to audit a broker conducting transactions covered by the article, including affiliated trust accounts and certain…Section 10236.7Requires a broker arranging a transaction under the specified real estate or securities provisions to identify in the transaction file the code…