Cal. Code Regs. Tit. 10, § 2830.1 - Interest Bearing Trust Account
Current through Register 2021 Notice, Register No. 40, October 1, 2021
A real estate broker, when acting as agent for a financial institution as beneficiary of a loan, may deposit and maintain funds from or for the account of an obligor for the future payment of property taxes, assessments or insurance relating to real property containing only a one-to-four family residence, in an interest-bearing trust account in a bank or savings and loan association in order to pay interest to the obligor in accordance with Section 2954.8 of the Civil Code if the following requirements are met:
Note: Authority cited: Section 10081, Business and Professions Code. Reference: Section 10145, Business and Professions Code; and Section 2954.8, Civil Code.
2. Amendment filed 7-9-80; effective thirtieth day thereafter (Register 80, No. 28).
3. Repealer and new section filed 1-9-85; effective thirtieth day thereafter (Register 85, No. 2).
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