reglab/housing_qa huggingface dataset:
CA Bus & Prof Code § 10234 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10234.

10234.  (a) Except as provided in subdivision (d), every real estate licensee who negotiates a loan secured by a trust deed on real property shall cause the trust deed to be recorded, naming as beneficiary the lender or his or her nominee (who shall not be the licensee or the licensee’s nominee), with the county recorder of the county in which the real property is located prior to the time that any funds are disbursed, except when the lender has given written authorization for prior release.(b) If funds are released on the lender’s written authorization as described in subdivision (a), the trust deed shall be recorded, or delivered to the lender or beneficiary with a written recommendation that it be recorded forthwith, within 10 days following release.(c) Every real estate licensee who sells, exchanges, or negotiates the sale or exchange of a real property sales contract or a promissory note secured by a trust deed on real property shall cause a proper assignment of the real property sales contract or trust deed to be executed and shall cause the assignment to be recorded, naming as assignee the purchaser or his or her nominee (who shall not be the licensee or the licensee’s nominee), with the county recorder of the county in which the real property is located within 10 working days after the licensee or seller receives any funds from the buyer or after close of escrow; or shall deliver the real property sales contract or trust deed to the purchaser with a written recommendation that the assignment thereof be recorded forthwith.(d) A trust deed may be recorded in the name of the real estate broker negotiating the loan if all of the following apply: (1) the lender or purchaser is any person or entity set forth in paragraph (1) of subdivision (c) of Section 10232, (2) the trust deed is recorded with the county recorder of the county in which the real property is located, and (3) the real property securing the loan as described in the trust deed is not a dwelling as defined in Section 10240.2 or unimproved real property.(Amended by Stats. 1998, Ch. 26, Sec. 1. Effective January 1, 1999.)
CA Bus & Prof Code § 10234.5 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10234.5.

10234.5.  In addition to the requirements of Section 10234, in the placing of any loan, a broker shall deliver or cause to be delivered conformed copies of any deed of trust to both the investor or lender and the borrower within a reasonable amount of time from the date of recording.(Amended by Stats. 1998, Ch. 641, Sec. 9. Effective January 1, 1999.)
CA Bus & Prof Code § 10235 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10235.

10235.  No real estate licensee shall knowingly advertise, print, display, publish, distribute, telecast or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, televised or broadcast, in any manner any statement or representation with regard to the rates, terms, or conditions for making, purchasing or negotiating loans or real property sales contracts which is false misleading or deceptive.Indicating or otherwise implying any specific yield or return on any note other than the interest rate specified in said note shall be prima facie evidence that such advertisement is misleading or deceptive unless the advertisement sets forth the actual interest rate specified in the note and the discount from the outstanding principal balance at which it is being offered for sale.(Added by Stats. 1961, Ch. 886.)
CA Bus & Prof Code § 10235.5 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10235.5.

10235.5.  (a) A real estate licensee or mortgage loan originator shall not place an advertisement disseminated primarily in this state for a loan unless there is disclosed within the printed text of that advertisement, or the oral text in the case of a radio or television advertisement, the Department of Real Estate number and the unique identifier assigned to that licensee by the Nationwide Mortgage Licensing System and Registry under which the loan would be made or arranged.(b) “Mortgage loan originator,” “unique identifier,” and “Nationwide Mortgage Licensing System and Registry” have the meanings set forth in Section 10166.01.(Amended by Stats. 2021, Ch. 431, Sec. 23. (SB 800) Effective January 1, 2022.)
CA Bus & Prof Code § 10236 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.

10236.  The commissioner in his or her discretion may honor requests from interested persons for interpretive opinions with respect to any provision of this article or with respect to any regulation for implementation of provisions of this article.No provision of this article imposing any liability applies in the case of an act done or omitted in good faith in conformity with a written interpretive opinion of the commissioner or an opinion of the Attorney General, notwithstanding that the opinion may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.(Amended by Stats. 1998, Ch. 485, Sec. 19. Effective January 1, 1999.)
CA Bus & Prof Code § 10236.1 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.1.

10236.1.  No real estate licensee shall advertise to give or to offer to give to a prospective purchaser or lender any premium, gift or any other object of value as an inducement for making a loan, or purchasing a promissory note secured directly or collaterally by a lien on real property or a real property sales contract.(Amended by Stats. 1998, Ch. 126, Sec. 1. Effective January 1, 1999.)
CA Bus & Prof Code § 10236.2 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.2.

10236.2.  (a) A real estate broker who satisfies the criteria of subdivision (a) or (b) of Section 10232 and who fails to notify the Department of Real Estate, in writing, of that fact within 30 days thereafter as required by subdivision (e) of Section 10232 shall be assessed a penalty of fifty dollars ($50) per day for each additional day written notification has not been received up to and including the 30th day after the first day of the assessment penalty. On and after the 31st day the penalty is one hundred dollars ($100) per day, not to exceed a total penalty of ten thousand dollars ($10,000), regardless of the number of days, until the department receives the written notification.(b) The commissioner may suspend or revoke the license of any real estate broker who fails to pay a penalty imposed under this section. In addition, the commissioner may bring an action in an appropriate court of this state to collect payment of the penalty.(c) All penalties paid or collected under this section shall be deposited into the Consumer Recovery Account of the Real Estate Fund.(Amended by Stats. 2021, Ch. 431, Sec. 24. (SB 800) Effective January 1, 2022.)
CA Bus & Prof Code § 10236.4 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.4.

10236.4.  (a) In compliance with Section 10235.5, every licensed real estate broker shall also display his or her license number on all advertisements where there is a solicitation for borrowers or potential investors. Every mortgage loan originator, as defined in Section 10166.01, shall also display the unique identifier assigned to that individual by the Nationwide Mortgage Licensing System and Registry on all advertisements where there is a solicitation for borrowers.(b) The disclosures required by Sections 10232.4 and 10240 shall include the licensee’s license number, the mortgage loan originator’s unique identifier, if applicable, and the department’s license information telephone number.(c) “Mortgage loan originator,” “unique identifier,” and “Nationwide Mortgage Licensing System and Registry” have the meanings set forth in Section 10166.01.(Amended by Stats. 2009, Ch. 160, Sec. 8. (SB 36) Effective October 11, 2009.)
CA Bus & Prof Code § 10236.5 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.5.

10236.5.  A real estate broker shall notify the department when he or she is no longer servicing or arranging loans subject to the reporting requirements of Section 10232. If a broker has already made reports required by this article within the year, he or she shall continue reports for that year, but shall notify the department prior to the expiration of that year that he or she will no longer be servicing or arranging loans for which reports are required. The department’s records, including those which may be disclosed by calling the license information telephone number of the department, may then be appropriately updated.(Added by Stats. 1997, Ch. 540, Sec. 5. Effective January 1, 1998.)
CA Bus & Prof Code § 10236.6 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.6.

10236.6.  (a) The commissioner, in his or her discretion, may audit any broker who conducts transactions subject to the provisions of this article. The audit shall be conducted after reasonable notice to the broker and shall include an examination of both of the following:(1) Trust accounts under the control of the broker or in any manner affiliated with the broker.(2) Nontrust accounts under the control of the broker or in any manner affiliated with the broker to which funds from trust accounts have been deposited other than for the payment of commissions, fees, costs, or expenses due to or incurred by the broker.(b) The authority to audit these nontrust accounts shall be limited to instances where either an annual review or audit conducted by an independent certified public accountant or a departmental audit reveals unauthorized transfers of money to those accounts.(Added by Stats. 1998, Ch. 641, Sec. 11. Effective January 1, 1999.)
CA Bus & Prof Code § 10236.7 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 5 - Transactions in Trust Deeds and Real Property Sales Contracts|Section 10236.7.

10236.7.  (a) A real estate broker, when engaging in acts for which a license is required, who arranges a transaction pursuant to Article 6 (commencing with Section 10237) or one or more provisions of the Corporate Securities Law of 1968 (Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code), shall clearly indicate in the real estate broker’s transaction file the provision or provisions of this code or the Corporate Securities Law of 1968 pertaining to qualification or exemption from qualification under which the transaction is being conducted. The real estate broker shall retain this information for the period specified in subdivision (a) of Section 10148.(b) The real estate broker shall submit a copy of the information described in subdivision (a) to any investor from whom the real estate broker obtains funds in connection with the transaction, either directly or through an agent or affiliate, within 10 days of receipt of those funds.(Added by Stats. 2011, Ch. 717, Sec. 10. (SB 53) Effective January 1, 2012.)
CA Bus & Prof Code § 10237 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 6 - Claim of Exemption From Securities Qualification|Section 10237.

10237.  This article applies only to the exemption from securities qualification claimed under Section 25102.5 of the Corporations Code. This article does not apply to any other exemption from securities qualification, including subdivision (e) of Section 25102 of the Corporations Code, that may be claimed without complying with this article, or to any permit to qualify the offer and sale of securities under the Corporate Securities Law of 1968 (Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code). Any transaction that involves the sale of or offer to sell a series of notes secured directly by interests in one or more parcels of real property, or the sale of undivided interests in a note secured directly by one or more parcels of real property equivalent to a series transaction, shall comply with all of the provisions of this article.(Amended (as added by Stats. 2003, Ch. 901, Sec. 2) by Stats. 2011, Ch. 717, Sec. 11. (SB 53) Effective January 1, 2012.)
CA Bus & Prof Code § 10239 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 6 - Claim of Exemption From Securities Qualification|Section 10239.

10239.  The jurisdiction of the Commissioner of Business Oversight under the Corporate Securities Law of 1968 shall be neither limited nor expanded by this article. Nothing in this article shall be construed to supersede or restrict the application of the Corporate Securities Law of 1968. A transaction under this article shall not be construed to be a transaction involving the issuance of securities subject to authorization by the Real Estate Commissioner under subdivision (e) of Section 25100 of the Corporations Code.(Amended by Stats. 2019, Ch. 143, Sec. 9. (SB 251) Effective January 1, 2020.)
CA Bus & Prof Code § 10239.1 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 6 - Claim of Exemption From Securities Qualification|Section 10239.1.

10239.1.  Nothing in this article shall be construed to change the agency relationships between the parties where they exist or limit in any manner the fiduciary duty of brokers to borrowers, lenders, and purchasers of notes or interests in transactions subject to this article.(Added by Stats. 2003, Ch. 901, Sec. 2. Effective January 1, 2004.)
CA Bus & Prof Code § 10239.2 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 6 - Claim of Exemption From Securities Qualification|Section 10239.2.

10239.2.  For the purposes of this article, the following definitions shall apply:(a) “Broker” means a person licensed as a broker under this part.(b) “Affiliate” means a person controlled by, controlling, or under common control with, the broker.(c) “Servicing agent” means the real estate broker or person exempted from the licensing requirements for real estate brokers under this chapter, to act as agent for the purchasers or lenders to service the notes and deeds of trust, including the handling the receipt and transmission of payments and the institution of foreclosure proceedings in the event of a default.(d) Except as provided in paragraph (5) of subdivision (j) of Section 10238, the terms “sale” and “offer to sell,” shall have the same meaning as set forth in Section 25017 of the Corporations Code and include the acts of negotiating and arranging the transaction.(Added by Stats. 2003, Ch. 901, Sec. 2. Effective January 1, 2004.)
CA Bus & Prof Code § 10239.3 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 6 - Claim of Exemption From Securities Qualification|Section 10239.3.

10239.3.  (a) If any person other than a real estate broker makes or keeps any of the books, accounts, or other records maintained in connection with a transaction described in this article, the provisions of this article and of any regulation or order issued under this section shall apply to the person with respect to the performance of those services and with respect to those books, accounts, and other records to the same extent as if the person were the broker.(b) If any person other than an affiliate of a broker makes or keeps any of the books, accounts, or other records maintained in connection with a transaction described in this article, or in the case of an affiliate other than a parent or subsidiary of the broker, the provisions of this article and of any regulation or order issued under this article shall apply to the person with respect to those books, accounts, and other records to the same extent as if the person were the affiliate.(Added by Stats. 2003, Ch. 901, Sec. 2. Effective January 1, 2004.)
CA Bus & Prof Code § 10240.1 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 7 - Real Property Loans|Section 10240.1.

10240.1.  The provisions of this article, exclusive of the provisions of Section 10240, apply only to loans secured by a dwelling.(Added by Stats. 1985, Ch. 1355, Sec. 5.)
CA Bus & Prof Code § 10240.2 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 7 - Real Property Loans|Section 10240.2.

10240.2.  As used in this article, “ dwelling” means any of the following units which are owned by a signatory to the mortgage or deed of trust secured by the dwelling unit at the time of execution of the mortgage or deed of trust:(a) A single dwelling unit in a condominium or cooperative.(b) Any parcel containing only residential buildings if the total number of units on the parcel is four or less.(Added by Stats. 1985, Ch. 1355, Sec. 6.)
CA Bus & Prof Code § 10240.3 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 7 - Real Property Loans|Section 10240.3.

10240.3.  (a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, and the Statement on Subprime Mortgage Lending published on July 17, 2007, by the aforementioned entities and the National Association of Consumer Credit Administrators, to real estate brokers acting within the meaning of Section 10131.1 or subdivision (d) of Section 10131.(b) The commissioner may adopt emergency and final regulations to clarify the application of this section as soon as possible.(c) A real estate broker acting within the meaning of Section 10131.1 or subdivision (d) of Section 10131 shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in the documents described in subdivision (a).(Added by Stats. 2007, Ch. 301, Sec. 3. Effective January 1, 2008.)
CA Bus & Prof Code § 10241.1 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 7 - Real Property Loans|Section 10241.1.

10241.1.  (a) The purchase of credit life insurance on the life of the borrower or credit disability insurance to provide indemnity for payments becoming due on the indebtedness shall not be required as a condition of making a loan under this article.(b) The licensee may provide through duly licensed agents, and collect from the borrower the costs of purchasing, credit life insurance on the life of a borrower and credit disability insurance to provide indemnity for payments becoming due on the indebtedness, with the borrower’s consent. The form and rate of the insurance shall be approved by the Insurance Commissioner, as provided in Section 779.9 of the Insurance Code. The insurance shall be in an amount not in excess of that reasonably necessary to discharge the obligation of the borrower, and for a term not exceeding the term of the loan. Only one premium for credit disability insurance may be collected by the licensee in connection with any loan contract irrespective of the number of borrowers, and only one borrower may be insured, except that where more than one borrower is a party to a loan contract and each borrower is a wage earner whose earnings are reasonably relied upon by the lender for the repayment of the loan, each borrower may be insured.(c) The licensee may collect from the borrower the costs of purchasing fire and hazard insurance on the property offered as security for a loan in order to reasonably insure against loss for a reasonable term considering the circumstances of the loan, (1) if the policy or policies of insurance are made payable to the borrower or any member of his or her family, regardless of whether a customary mortgagee clause is attached, and (2) if the insurance is sold at standard rates through duly licensed agents.(d) If premiums for any insurance provided under this section are to be paid from the proceeds of the loan, any amount so paid and any commission under subdivision (b) of Section 10242 attributable to borrowing that amount, shall not be considered in determining whether the loan is exempt from this article under Section 10245.(Amended by Stats. 1989, Ch. 1275, Sec. 6.)
CA Bus & Prof Code § 10241.2 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 7 - Real Property Loans|Section 10241.2.

10241.2.  If the broker elects to make a loan subject to Section 10240 which consists wholly or in part of broker-controlled funds as defined in subdivision (j) of Section 10241, the broker shall advise the borrower of that fact not later than the next business day after making the election, but in any event before the close of escrow of the loan transaction.(Added by Stats. 1982, Ch. 886, Sec. 6.)
CA Bus & Prof Code § 10241.3 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 1 - LICENSING OF PERSONS|CHAPTER 3 - Real Estate Regulations|ARTICLE 7 - Real Property Loans|Section 10241.3.

10241.3.  In any loan transaction in which a fee is charged to a borrower for an appraisal of the real property that will serve as security for the loan, a copy of the appraisal report shall be given by or on behalf of the broker to both the borrower and the lender at or before the closing of the loan transaction.(Added by Stats. 1984, Ch. 828, Sec. 1.)