California CodesBusiness and Professions Code - BPCDivision 4 — Real EstatePart 1 — Licensing of PersonsChapter 3 — Real Estate RegulationsArticle 7 — Real Property LoansSection 10241.2
If the broker elects to make a loan subject to Section 10240 which consists wholly or in part of broker-controlled funds as defined in subdivision (j) of Section 10241, the broker shall advise the borrower of that fact not later than the next business day after making the election, but in any event before the close of escrow of the loan transaction.
Notes
Requires a broker who elects to make a covered loan using wholly or partly broker-controlled funds to inform the borrower of that fact no later than the next business day after the election and, in every case, before loan escrow closes. The earlier of those operative deadlines controls the disclosure timing.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 10241.2 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-4/part-1/chapter-3/article-7/section-10241-2