(a)(1) A subdivider shall maintain or cause to be maintained, in accordance with accepted accounting practices, records of all funds received from prospective purchasers or lessees of subdivisions interests.
(2) A subdivider shall maintain or cause to be maintained, in accordance with accepted accounting practices, records of receipt, deposit and disbursement of all funds collected or obtained in connection with the operation of a homeowners association
(3) The records shall reflect dates of receipt and disbursement of funds and the names of persons from whom received and to whom disbursed. The records shall be retained by the subdivider for a period of three years after the date of receipt or disbursement.
(b) A broker shall maintain or cause to be maintained, in accordance with accepted accounting practices, all trust fund records described in Section 10148 of the Code.
(c) Such records shall be made available for examination and inspection in California during regular business hours upon request by the commissioner or his or her designated representative.
Credits
Note: Authority cited: Sections 10080 and 11001, Business and Professions Code. Reference: Sections 10145, 10148, 11013.2, 11013.4 and 11018.5 Business and Professions Code.
1. New section filed 9-5-2003; operative 10-5-2003 (Register 2003, No. 36).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 2836, 10 CA ADC § 2836
