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§ 2805.11. Impound of Funds to Assure Completion.

10 CA ADC § 2805.11Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 6. Real Estate Commissioner (Refs & Annos)
Article 12.2. Time-Share Project
10 CCR § 2805.11
§ 2805.11. Impound of Funds to Assure Completion.
Currentness
“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 Section 11243 of the Code.

Credits

Note: Authority cited: Section 11281, Business and Professions Code. Reference: Sections 11230 and 11243, Business and Professions Code.
History
1. New section filed 5-5-2005; operative 7-1-2005 (Register 2005, No. 18).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 2805.11, 10 CA ADC § 2805.11
End of Document