§ 2835. Commingling.
10 CA ADC § 2835Barclays Official California Code of Regulations
10 CCR § 2835
§ 2835. Commingling.
“Commingling” as used in Section 10176(e) of the Code is prohibited except as specified in this section. For purposes of Section 10176(e), the following shall not constitute “commingling”:
(b) The deposit into a trust account maintained in compliance with subdivision (d) of funds belonging in part to the broker's principal and in part to the broker when it is not reasonably practicable to separate such funds, provided the part of the funds belonging to the broker is disbursed not later than twenty-five days after their deposit and there is no dispute between the broker and the broker's principal as to the broker's portion of the funds. When the right of a broker to receive a portion of trust funds is disputed by the broker's principal, the disputed portion shall not be withdrawn until the dispute is finally settled.
Credits
Note: Authority cited: Section 10080, Business and Professions Code. Reference: Section 10176, Business and Professions Code.
History
1. New section filed 4-1-93; operative 5-3-93 (Register 93, No. 14). For prior history, see Register 83, No. 30.
2. Amendment of subsection (a) filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).
3. Amendment of subsection (d) filed 3-17-2005; operative 4-16-2005 (Register 2005, No. 11).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 2835, 10 CA ADC § 2835
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