California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 17 - Prepaid Rental Listing Services › Section 2851.1 - Cash Deposit Security Format

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following shall constitute an acceptable format for the
				  creation and assignment of a cash deposit to the Commissioner pursuant to
				  Section
				  10167.7
				  of the Code:
PREPAID RENTAL LISTING SERVICE CASH DEPOSIT
				  SECURITY
______________________________ (ASSIGNOR), a prepaid rental
				  listing service licensee whose principal licensed location is at:
				  ___________________________
______________________________ hereby assigns to the Real
				  Estate Commissioner of the State of California (ASSIGNEE) all of ASSIGNOR'S
				  right, title and interest in a cash deposit /certificate of deposit in the
				  amount of ____________________ ($__________) identified as follows:
Name and/or Number ___________________________
Depository/Issuer ___________________________
Name
Address ___________________________
City and State ___________________________
ASSIGNOR has applied to the Department of Real Estate of the
				  State of California for a license to act as a prepaid listing service, or for
				  the renewal of said license, and is required by Section
				  10167.7 of the Business and
				  Professions Code to provide a cash deposit in the amount of $10,000 for each
				  licensed location. This assignment is made in accordance with and pursuant to
				  Section 1067.7.
This assignment includes any or all rights arising out of
				  insurance of the principal amount of the account by the Federal Deposit
				  Insurance Corporation or other insurer, but ASSIGNOR retains for himself all
				  rights to interest earned on the principal and all rights arising out of
				  insurance of the unpaid interest earned on the principal amount.
ASSIGNOR hereby gives to ASSIGNEE or his duly appointed
				  representative the authority to withdraw funds from the account at any time
				  without notice to ASSIGNOR for the purpose of paying unsatisfied judgements in
				  accordance with Section
				  10167.7. This authority of
				  ASSIGNEE shall include the power to convert a Certificate of Deposit or similar
				  evidence of a deposit to cash as necessary to make payments for the benefit of
				  unsatisfied judgement creditors notwithstanding the fact that such conversion
				  may result in an interest penalty.
The Certificate of Deposit or other certificate evidencing
				  the above identified account shall be retained in the custody of ASSIGNEE while
				  this assignment remains in effect. This assignment shall remain effective until
				  ASSIGNEE shall determine that there is not longer any potential liability of
				  ASSIGNOR under Section
				  10167.10 of the Code.
DATED ____________________, 20___
___________________________________
Signature of Assignor [FN*]
[FN*]
If an account or certificate is in the name of a corporation,
				  the assignment must be signed by an officer of the
				  corporation.
1. New section
				  filed 12-3-80; effective thirtieth day thereafter (Register 80, No.
				  49).
2. Amendment of section and NOTE filed 9-19-2002; operative
				  10-19-2002 (Register 2002, No. 38).
Note: Authority cited: Section
					 10080,
					 Business and Professions Code. Reference: Section
					 10167.7,
					 Business and Professions Code.