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2019 California Code
Business and Professions Code - BPC
DIVISION 4 - REAL ESTATE
PART 1 - LICENSING OF PERSONS
CHAPTER 3 - Real Estate Regulations
ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts
Section 10231.1.
Universal Citation: CA Bus & Prof Code § 10231.1 (2019)
10231.1.
No person in doing any of the acts set forth in subdivision (d) of Section 10131, subdivision (e) of Section 10131, and Section 10131.1 shall, as agent or principal, retain funds payable according to the terms of a promissory note or real property sales contract secured directly or collaterally by a lien on real property, for a period longer than 25 days, except pursuant to a written agreement with the purchaser or lender.
(Amended by Stats. 1998, Ch. 641, Sec. 4. Effective January 1, 1999.)
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