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§ 2834. Trust Account Withdrawals.

10 CA ADC § 2834Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 6. Real Estate Commissioner (Refs & Annos)
Article 15. Trust Fund Accounts
10 CCR § 2834
§ 2834. Trust Account Withdrawals.
Currentness
(a) Withdrawals may be made from a trust fund account of an individual broker only upon the signature of the broker or one or more of the following persons if specifically authorized in writing by the broker:
(1) a salesperson licensed to the broker.
(2) a person licensed as a broker who has entered into a written agreement pursuant to section 2726 with the broker.
(3) an unlicensed employee of the broker with fidelity bond coverage at least equal to the maximum amount of the trust funds to which the employee has access at any time.
(b) Withdrawals may be made from the trust fund account of a corporate broker only upon the signature of:
(1) an officer through whom the corporation is licensed pursuant to section 10158 or 10211 of the Code; or
(2) one of the persons enumerated in paragraph (1), (2) or (3) of subdivision (a) above, provided that specific authorization in writing is given by the officer through whom the corporation is licensed and that the officer is an authorized signatory of the trust fund account.
(c) An arrangement under which a person enumerated in paragraph (1), (2) or (3) of subdivision (a) above is authorized to make withdrawals from a trust fund account of a broker shall not relieve an individual broker, or the broker-officer of a corporate broker licensee, from responsibility or liability as provided by law in handling trust funds in the broker's custody.

Credits

Note: Authority cited: Section 1008, Business and Professions Code. Reference: Section 10145, Business and Professions Code.
History
1. New section filed 5-16-57; effective thirtieth day thereafter (Register 57, No. 8).
2. Amendment filed 1-31-58; effective thirtieth day thereafter (Register 58, No. 2).
3. Amendment filed 7-16-64; effective thirtieth day thereafter (Register 64, No. 15).
4. Amendment filed 10-14-68; effective thirtieth day thereafter (Register 68, No. 39).
5. Amendment filed 1-21-83; effective thirtieth day thereafter (Register 83, No. 4).
6. Amendment of subsections (a), (b) and (c) filed 7-12-91; operative 8-11-91 (Register 91, No. 44).
7. Amendment of subsection (b) and newly designated subsections (b)(1) and (b)(2), and amendment of Note filed 11-8-93; operative 12-8-93 (Register 93, No. 46).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 2834, 10 CA ADC § 2834
End of Document