Cal. Code Regs. Tit. 10, § 2805.11 - Impound of Funds to Assure Completion
Current through Register 2021 Notice, Register No. 40, October 1, 2021
"All funds from the sale of time-share interests as the commissioner shall determine are sufficient to assure construction of the improvement or improvements" as used in Section 11230(b) of the Code, means 100% of all funds received from purchasers up to a maximum of the amount required to complete the improvement or improvements, consistent with Section11243 of the Code.
Note: Authority cited: Section 11281, Business and Professions Code. Reference: Sections 11230 and 11243, Business and Professions Code.
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