California CodesBusiness and Professions Code - BPCDivision 4 — Real EstatePart 1 — Licensing of PersonsChapter 6.5 — Real Estate Recovery ProgramSection 10470.1

(a) In addition to the amount paid into the Consumer Recovery Account as set forth in Section 10450.6, the Real Estate Commissioner may authorize the transfer from the Real Estate Fund to the Consumer Recovery Account of any amounts as are deemed necessary.

(b) If the balance remaining in the Consumer Recovery Account contains more than four hundred thousand dollars ($400,000), the commissioner may authorize the transfer of all or part of the surplus amount into the Real Estate Fund.

(c) The commissioner may authorize the return to the Consumer Recovery Account of all or any amount previously transferred to the Real Estate Fund under this section.

Notes

Allows the Real Estate Commissioner to transfer from the Real Estate Fund to the Consumer Recovery Account any amounts deemed necessary in addition to the otherwise required funding. If the recovery account exceeds $400,000, the commissioner may transfer all or part of the surplus back to the Real Estate Fund and may later return previously transferred amounts.

Use as reference

Lexinter.net | California Code, Business and Professions Code - BPC § 10470.1 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-4/part-1/chapter-6-5/section-10470-1

Disclaimer: Codes available on Lexinter may not reflect the most current laws in your jurisdiction. We make no warranties regarding the accuracy, completeness, or adequacy of the information provided. Always verify the status of any code with your state legislature or official government sources before relying on it for legal purposes.