California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 2 - Corporate Securities › Article 8 - Licensing of Broker-Dealers and Agents › Section 260.204.1 - Real Estate Brokers Effecting Transactions in Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An exemption from the provisions of Section
					 25210 of the Code is hereby
					 granted, as being necessary and appropriate in the public interest and for the
					 protection of investors, to any person who is a real estate broker as defined
					 in Section
					 10131
					 of the Business and Professions Code, duly licensed to engage in the business
					 of a real estate broker in this state, and whose business as a broker-dealer,
					 in addition to any transactions within Section
					 25206 of the Code, is limited to
					 any or all of the following:
(a)
				  Transactions involving all of the outstanding securities of an existing
				  business if the transactions have been negotiated as transactions for the
				  purchase or sale of real estate or substantially all of the assets of the
				  existing business, or both, but excluding those transactions involving a
				  merger, consolidation, or other reorganization; or
(b) Transactions in the shares or memberships
				  of mutual water companies in connection with a sale of an interest in real
				  property; or
(c) Transactions in
				  investment contracts sold or offered for sale with, or as part of, residential
				  condominium units or time share uses or estates, if the sale of such investment
				  contracts has been qualified pursuant to Chapter 2, (commencing with Section
				  25110), Part 2, Division 1, Title
				  4 of the Code; or
(d) Transactions
				  in a series of notes secured by interests in the same real property, or in
				  undivided interests in a note secured by real property, pursuant to a
				  qualification under Section
				  25110, Section
				  25120 or Section
				  25130 of the Code or pursuant to
				  the exemption contained in Section
				  25102(e), Section
				  25102(i) or
				  Section 25102.5, other than an offering
				  which is made pursuant to a registration under the Securities Act of 1933 or a
				  Regulation A exemption under that act (17 CFR 230.231 et seq.).
1. Repealer
					 of subsection (d) and renumbering of subsection (e) to (d) filed 11-14-78;
					 effective thirtieth day thereafter (Register 78, No. 45). For former history,
					 see Registers 72, No. 42; 72, No. 30; 72, No. 27; 72, No. 15; 70, No.
					 29.
2. Amendment filed 8-27-81 as an emergency; effective upon
					 filing (Register 81, No. 37).
3. Order of Repeal of 8-27-81
					 emergency order filed 9-4-81 by OAL pursuant to Government Code Section
					 11349.6
					 (Register 81, No. 37).
4. Amendment filed 6-24-82; effective
					 thirtieth day thereafter (Register 82, No. 26).
5. Amendment filed
					 4-27-84; effective thirtieth day thereafter (Register 84, No.
					 18).
6. Amendment filed 1-31-91; operative 3-2-91 (Register 91, No.
					 8).
7. Amendment of first paragraph and subsections (c) and (d)
					 filed 8-6-98; operative 9-5-98 (Register 98, No.
					 32).
Note: Authority cited: Sections
						25204
						and
						25610,
						Corporations Code. Reference: Section
						25204,
						Corporations Code.