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§ 310.113.1. Operation of Impound Condition.

10 CA ADC § 310.113.1Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 3. Commissioner of Financial Protection and Innovation (Refs & Annos)
Subchapter 2.6. Franchises
10 CCR § 310.113.1
§ 310.113.1. Operation of Impound Condition.
Currentness
When an impound condition is imposed in connection with the registration of a franchise offering, one hundred percent of franchisee fees and all other funds paid by the franchisees or subfranchisors for any purpose shall within 48 hours of the receipt of such funds, be placed with the depositary. The funds will be held by the depositary until the Commissioner takes further action pursuant to Section 310.113.4 of these rules.
All checks shall be made payable to the depositary.

Credits

Note: Authority cited: Section 31502, Corporations Code. Reference: Section 31113, Corporations Code.
History
1. Amendment filed 10-28-82; effective thirtieth day thereafter (Register 82, No. 44).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 310.113.1, 10 CA ADC § 310.113.1
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