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California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2792.31 - Notice of Rescission Rights

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) To inform a person of his/her right of
				rescission under Section
				11000.2 of the Code, the
				subdivider shall attach to the face page of every copy of a subdivision public
				report given to a prospective purchaser, the notice set forth in subdivision
				(b) hereof printed in not less than 12-point bold face capital letters and
				numerals.
(b) The form and content
				of the notice shall be as follows:
IF YOU MAKE AN OFFER TO PURCHASE AN UNDIVIDED INTEREST(S) IN
				  THE UNDIVIDED INTEREST SUBDIVISION IDENTIFIED BELOW, YOU HAVE A LEGAL RIGHT TO
				  RESCIND (CANCEL) THIS OFFER, AND ANY CONTRACT RESULTING FROM THE ACCEPTANCE OF
				  YOUR OFFER, AND THE RETURN OF ALL MONEY AND OTHER CONSIDERATION THAT YOU HAVE
				  GIVEN TOWARD THE PURCHASE UNTIL MIDNIGHT OF THE THIRD CALENDAR DAY AFTER THE
				  DAY ON WHICH YOU SIGN THE OFFER TO PURCHASE.
YOU MAY EXERCISE THIS RIGHT TO RESCIND WITHOUT GIVING ANY
				  REASON AND WITHOUT INCURRING ANY PENALTY OR OBLIGATION BY NOTIFYING
___________________________
___________________________
(Name of Subdivider)
___________________________
AT
___________________________
(Address)
OF YOUR ELECTION TO RESCIND BY TELEGRAPHIC COMMUNICATION,
				  MAIL OR OTHER WRITTEN NOTICE.
IF THE NOTICE OF RESCISSION IS SENT BY UNITED STATES MAIL, IT
				  SHALL BE CONSIDERED GIVEN ON THE DATE THAT IT IS POSTMARKED. IF THE NOTICE IS
				  BY TELEGRAPHIC COMMUNICATION, IT SHALL BE CONSIDERED GIVEN WHEN TRANSMITTED
				  FROM THE PLACE OF ORIGIN. IF NOTIFICATION IS BY MEANS OF A WRITING TRANSMITTED
				  OTHER THAN BY UNITED STATES MAIL OR TELEGRAPH, IT SHALL BE CONSIDERED GIVEN AT
				  THE TIME OF DELIVERY AT THE ABOVE PLACE OF BUSINESS.
YOU MAY USE THIS NOTICE FOR THE PURPOSE OF RESCINDING YOUR
				  OFFER TO PURCHASE BY COMPLETING THE BLANKS AND BY DATING AND SIGNING BELOW. THE
				  USE OF REGISTERED OR CERTIFIED MAIL WITH RETURN RECEIPT REQUESTED IS
				  RECOMMENDED FOR TRANSMITTAL OF THIS NOTICE BY MAIL.
___________________________
___________________________
(Name of Undivided Interest Subdivision)
(DRE File Number)
___________________________I HEREBY RESCIND
						  MY OFFER OF
(Date)
TO PURCHASE AN UNDIVIDED INTEREST
___________________________
(Identification Number, If Known)
IN THE ABOVE-NAMED UNDIVIDED INTEREST SUBDIVISION.
				  ____________________(Date), 19___.
___________________________
(Signature)
___________________________
(Signature)
1. New section
				  filed 5-4-89; operative 6-3-89 (Register 89, No.
				  23).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11000.2,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2792.32 - Alternative Arrangements for Master Planned Communities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A "Master Planned Development" is a
				development which ordinarily satisfies all of the following criteria:
(1) The development is or will be a planned
				development subdivision within the meaning of subdivision (k) of Section
				1351 of the
				Civil Code.
(2) The development
				consists of, will generally consist of, or is proposed to consist of both (a)
				approximately five hundred (500) or more separate residential interests, and
				(b) one or more subdivisions, including planned developments, community
				apartment projects, condominium projects, stock cooperatives, time-share
				projects, or other residential, recreational, commercial, or mixed
				residential/non-residential projects.
(3) The Master Planned Development shall be
				managed by a community association ("Master Association") that is responsible
				for the maintenance and operation of areas and/or facilities affecting the
				Master Planned Development and enforcement of use restrictions pertaining to
				the Master Planned Development.
(4)
				The Master Planned Development is or will be developed in two or more phases.
Provided, however, the subdivider may demonstrate from
				  specific facts and circumstances that a development that does not satisfy the
				  criteria set forth in this subsection (a) should nonetheless be treated as a
				  Master Planned Development.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2792.33 - Continuing Care Subdivisions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A "Continuing Care Subdivision" is a
				subdivision described in Section
				11004.5 of the Code that includes
				all of the following:
(1) The subdivision
				qualifies as housing for older persons pursuant to
				42 USC
				3607(b)(2)(c) and Section
				51.3 of the California Civil
				Code.
(2) The subdivision offers or
				provides to its members continuing care services or assisted living services as
				described in Section
				1771
				of the Health and Safety Code.
(3)
				The continuing care provider is a person or entity responsible for providing
				such continuing care services or assisted living services.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2793 - Applications for Consent Under Section 11018.7

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Application for consent of the Real
				Estate Commissioner under Section
				11018.7
				of the Business and Professions Code shall be made on a form provided by the
				Bureau.
(b) The application shall
				consist of at least the following:
(1) A
				statement signed by or on behalf of the applicant containing the following:
(A) A narrative explanation of the proposed
				change and the anticipated effects thereof.
(B) The reasons why the amendment is being
				proposed.
(C) The means whereby
				persons eligible to vote on the proposed change will be informed concerning the
				substance of the change, and the voting procedure to be employed if the consent
				of the commissioner is obtained.
(D) Identification of the subdivisions which
				will be affected by the proposed change by reference to the file numbers of the
				public reports for the subdivisions.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2794 - Use of Final Public Reports. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
				  filed 7-30-51 as an emergency; effective upon filing (Register 25, No.
				  3).
2. Amendment filed 11-21-61; effective thirtieth day thereafter
				  (Register 61, No. 23).
3. Repealer filed 8-21-63; designated
				  effective 9-20-63 (Register 63, No. 14).
4. New section filed
				  7-9-80; effective thirtieth day thereafter (Register 80, No. 28).
5.
				  Repealer filed 11-13-96; operative 11-13-96 pursuant to Government Code section
				  11343.4(d)
				  (Register 96, No. 46).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11018,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2795 - Preliminary Public Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If a subdivider makes application and
				pays the appropriate fee, a preliminary subdivision public report may be issued
				by the Bureau in advance of satisfaction of all requirements for issuance of a
				final public report when in the judgment of the Commissioner it is reasonable
				to expect that all of the requirements for the issuance of a final public
				report will be satisfied in due course.
(b) A subdivider and persons acting on his
				behalf may solicit and accept reservations to purchase or lease subdivision
				interests under authority of a preliminary public report if there is compliance
				with each of the following:
(1) The person
				making the reservation (potential buyer) has been given a copy of the
				preliminary public report and has executed a receipt for a copy before any
				money or other thing of value has been accepted by or on behalf of the
				subdivider in connection with the reservation.
(2) A copy of the reservation instrument
				signed by the potential buyer and by or on behalf of the subdivider, along with
				any deposit taken from the potential buyer, is placed into a neutral escrow
				depository acceptable to the Commissioner.
(3) The reservation instrument used is a form
				previously approved by the Bureau with at least the following provisions:
(A) The right of either subdivider or
				potential buyer to unilaterally cancel the reservation at any time.
(B) The payment to the potential buyer of his
				total deposit on cancellation of the reservation by either party.
(C) The placing of the deposit into an
				interest bearing account for the benefit of the prospective buyer at the
				prospective buyer's request and upon the prospective buyer's agreement to pay
				any charges of the escrow depository for this
				service.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2795.2 - Delivery of Subdivision Public Report to Advertising Media. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New section
				  filed 11-21-61; effective thirtieth day thereafter (Register 61, No.
				  23).
2. Repealer filed 7-1-83; effective thirtieth day thereafter
				  (Register 83, No. 30).
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2795.3 - Term of Public Report and Extension Thereof

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The term of any Final Subdivision Public Report issued
				  pursuant to Section
				  11018
				  of the Business and Professions Code shall be limited to five (5) years. A
				  renewal shall be issued if the subdivider, owner or agent makes application for
				  renewal of any report and has submitted such additional information as the
				  commissioner may require.
1. New section
				  filed 4-5-62; effective thirtieth day thereafter (Register 62, No.
				  7).
2. Amendment filed 12-30-70; effective thirtieth day thereafter
				  (Register 71, No. 1).
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2796 - Procedure RE Subdivisions Prior to August 11, 1933. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
				  filed 4-2-86; effective thirtieth day thereafter (Register 86, No.
				  14).
2. Repealer filed 11-13-96; operative 11-13-96 pursuant to
				  Government Code section
				  11343.4(d)
				  (Register 96, No. 46).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11000
					 and
					 11010,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2798 - Phased Subdivision Development

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If a subdivider, for the purpose of developing and marketing
				  subdivided land in increments or phases, requests and obtains a public report
				  that covers less than all of the contiguous subdivision interests or land which
				  the subdivider intends ultimately to develop as part of an overall project, a
				  new notice of intention, questionnaire and original filing fee must be
				  submitted in connection with each subsequent application for a public report
				  covering subdivision interests to be annexed to the subdivision interests for
				  which a final public report has previously been issued.
1. Repealer
				  and new section filed 7-1-83; effective thirtieth day thereafter (Register 83,
				  No. 30).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11000,
					 11010
					 and
					 11011,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2799 - Use of Public Report in Advertising Restricted. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
				  filed 8-21-63; designated effective 9-20-63 (Register 63, No.
				  14).
2. Amendment filed 10-14-68; effective thirtieth day thereafter
				  (Register 68, No. 39).
3. Repealer filed 7-1-83; effective thirtieth
				  day thereafter (Register 83, No. 30).
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2799.2 - Advertising Review Fee

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A submission of each advertisement to the Bureau for approval
				  pursuant to Section
				  11022 of the Code shall be
				  accompanied by a fee of seventy-five dollars ($75).
1. New section
				  filed 12-30-97; operative 1-29-98 (Register 98, No. 1).
2. Change
				  without regulatory effect amending section filed 6-30-2014 pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 2014, No. 27).
Note: Authority cited: Sections
					 11001
					 and
					 11022,
					 Business and Professions Code. Reference: Section
					 11022,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2800 - Notification of Material Change

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The owner of a subdivision which is the subject of an
				  outstanding public report shall immediately report in writing to the Real
				  Estate Commissioner relevant details concerning any material change in the
				  subdivision itself or in the program for marketing the subdivision interests. A
				  material change in the subdivision or in the offering shall include, but shall
				  not be limited to the following:
(a)
				The sale, conveyance, including a transfer of title in trust, or the granting
				of an option to another to acquire, five or more subdivision interests in a
				subdivision other than a time-share project or twelve or more time-share
				estates or time-share uses in a time-share project.
(b) Change in the name or organization of the
				subdividing entity such as incorporation, dissolution of corporation or change
				in corporate or fictitious business name.
(c) Change in purchase money handling
				procedures under Section
				11013.2 or
				11013.4 of the Code including but
				not limited to a change in name or location of escrow or trust account
				depository or the creation of a blanket lien or encumbrance affecting a lot,
				parcel or unit of subdivided land being offered for sale.
(d) Change in methods of marketing or
				conveyance of subdivision interests, including but not limited to the
				following:
(1) Use of real property sales
				contracts, lease-option agreements or similar marketing instruments.
(2) Special sales inducements involving a
				financial commitment to purchasers by or on behalf of the subdivider such as
				buy-back agreements, special interest rates or a short-term basis and prizes,
				gifts or premiums.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2801 - Notification of Option or Sale by Owner. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 2-10-77; effective thirtieth day thereafter (Register 77, No. 7). For
				  prior history, see Register 71, No. 50.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2801.5 - "Subdivider" Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The term "any person" in Section
				  11010 and the terms "owner" and
				  "subdivider" in Sections
				  11012 and
				  11018.1 of the Code include any
				  person, who at any point in time, owns, or has an option or contract to
				  acquire, the subdivision interests listed in (a) or (b) below for purposes of
				  sale, lease or financing if the subdivision interests were acquired or are to
				  be acquired from the original recipient of a public report for the subdivided
				  land, or from a person who succeeded to the interest of the original recipient
				  in five or more subdivision interests in a subdivision other than a time-share
				  project or in twelve or more time-share estates or uses in a time-share
				  project:
(a) Five or more subdivision
				interests in a subdivision other than a time-share project.
(b) Twelve or more time-shares estates or
				time-share uses in a time-share project.
Except as provided in Section
				  11010.5 of the Code, an "owner" or
				  "subdivider" as herein defined shall not offer for sale or lease, nor cause to
				  be offered for sale or lease, any of the subdivision interests herein above
				  referred to unless a subdivision public report has been issued by the Bureau
				  expressly authorizing the sale or lease of the interests by or on behalf of
				  said owner or subdivider.
1. Amendment
				  filed 1-17-80; effective thirtieth day thereafter (Register 80, No. 3). For
				  prior history, see Registers 78, No. 17; 71, No. 50; and 66, No.
				  25.
2. Amendment filed 12-3-80; effective thirtieth day thereafter
				  (Register 80, No. 49).
3. Editorial Correction filed 2-6-81
				  (Register 81, No. 6).
4. Amendment filed 5-13-82; effective
				  thirtieth day thereafter (Register 82, No. 20).
5. Change without
				  regulatory effect amending subsection (b) filed 6-30-2014 pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 2014, No. 27).
Note: Authority cited: Sections
					 11080
					 and
					 11001,
					 Business and Professions Code. Reference: Sections
					 11000,
					 11004.5,
					 11010,
					 11012
					 and
					 11018.1,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2802 - Reports from Competent Authorities May be Required. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer of
				  section and new NOTE filed 11-13-96; operative 11-13-96 pursuant to Government
				  Code section
				  11343.4(d)
				  (Register 96, No. 46).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11010,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2803 - Noncontinguous Parcels

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If the notice of intention referred to in Section
				  11010 of the Code includes lots,
				  parcels or units of subdivided land that are not contiguous to each other, the
				  commissioner will determine which of the lots, parcels or units are
				  sufficiently close together and sufficiently similar to each other in physical
				  and other characteristics to be included within the coverage of a single public
				  report.
1. Repealer
				  and new section filed 7-1-83; effective thirtieth day thereafter (Register 83,
				  No. 30).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11000
					 and
					 11010,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2804 - Abandoning Application for Public Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The commissioner may abandon an
				application for a final, conditional, amended, or renewed public report, if:
(1) The data required by Section
				11010 has not been furnished
				within three years from the date a notice of intention was filed for the
				subdivision public report; and
(2)
				Six months have elapsed since the commissioner has given notice of deficiencies
				or substantive inadequacies contained in the documents which are required to
				make the filing substantially complete and the deficiencies and inadequacies
				have not been corrected by the applicant; and
(3) The term of any one-year extension of
				time in which to complete the application, as provided in subdivision (d), has
				elapsed.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.1 - Out-of-State Subdivision Offerings [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer of
				article 12.1 (sections
				2805-2809) filed 5-5-2005;
				operative 7-1-2005 (Register 2005, No. 18).
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2805 - "Developer" Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The terms "developer" in Section
				  11212 and "any person" in Section
				  11212 and in Section
				  11226 of the Code include any
				  person, who at any point in time, owns, or has an option or contract to acquire
				  eleven or more time-share interests for purposes of sale in the ordinary course
				  of business if the time-share interests were acquired or are to be acquired
				  from the original recipient of a public report for the time-share plan, or from
				  a person who succeeded to the interest of the original recipient in eleven or
				  more time-share interests in a time-share plan.
1. New section
				  filed 2-26-85; effective thirtieth day thereafter (Register 85, No. 9). For
				  history of former Section
				  2805, see Register 83, No.
				  30.
2. Amendment of subsection (a) filed 11-27-96; operative
				  12-27-96 (Register 96, No. 48).
3. Amendment moving section
				  2805 from article 12.1 to article
				  12.2. and repealer and new section filed 5-5-2005; operative 7-1-2005 (Register
				  2005, No. 18).
4. Amendment of section and NOTE filed 8-29-2007;
				  operative 9-28-2007 (Register 2007, No. 35).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Sections
					 11211.5,
					 11212
					 and
					 11226,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2805.5 - Inducement to Out-of-State Solicitation

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The terms "sells", "offers to sell" and "attempts to solicit
				  prospective purchasers" in Section
				  11226 of the Code include any
				  written or oral communication which is disseminated or otherwise used within
				  this state for the purpose of inducing a resident to travel outside this state
				  for a required presentation with the primary intention of causing the person to
				  purchase time-share interests located outside of this state.
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11226,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2805.9 - Reservation Rights

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				term "the right to use accommodations at a specific time-share property" used
				in Section
				11212(z)(2)(A)
				means a priority right of not less than sixty days to reserve accommodations at
				that specific time-share property without competing with owners of time-share
				interests at other time-share properties that are part of the multi-site
				time-share plan.
(b) The term "use
				rights in accommodations at one or more other component sites" as used in
				Section 11212(z)(2)(A)
				means the right, on a non-priority basis, to reserve accommodations in
				component sites of the multi-site time-share plan.
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11212,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2805.11 - Impound of Funds to Assure Completion

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
"All funds from the sale of time-share interests as the
				  commissioner shall determine are sufficient to assure construction of the
				  improvement or improvements" as used in Section
				  11230(b) of the
				  Code, means 100% of all funds received from purchasers up to a maximum of the
				  amount required to complete the improvement or improvements, consistent with
				  Section 11243 of the
				  Code.
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Sections
					 11230
					 and
					 11243,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2806 - Notification of Material Change

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The developer of a time-share plan which is the subject of an
				  outstanding public report shall report to the Bureau pursuant to Section
				  11226(f)(1),
				  relevant details concerning any material change in the time-share plan. A
				  material change in the time-share plan includes, but shall not be limited to,
				  the following:
(a) Deletion of an
				accommodation from the time-share plan or addition of an accommodation not
				authorized under an existing time-share public report for the time-share
				plan.
(b) Change in the name or
				form of organization of the developer such as incorporation, dissolution of a
				corporation or a change in the corporate or fictitious business name.
(c) Change in the methods of conveyancing of
				time-share interests such as the use of real property sales
				contracts.
(d) Change in purchase
				money handling procedures previously submitted to the Bureau including but not
				limited to a change in the escrow depository or the creation of an encumbrance
				affecting more than one timeshare interest in the time-share plan.
(e) Resignation of the trustee or other
				change in any of the terms of the trust agreement for the time-share
				plan.
(f) The existence of either
				of the following conditions with respect to the corpus of the trust.
(1) Insufficient funds in the trust to
				satisfy the trust fund provision for payment of debt service, property taxes,
				assessments and/or insurance premiums for the trust property.
(2) Insufficient non-delinquent installment
				sales contracts and/or promissory notes to satisfy the provision of the trust
				agreement for payment of the aggregate principal balance owing under a blanket
				encumbrance against the trust properties.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2807 - Purchase Money Impounds

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				amount of the money paid or advanced by a prospective buyer toward the purchase
				of a time-share interest (Purchase Money) that must be deposited and retained
				in an escrow depository or trust account pursuant to Section
				11243 of the Code shall ordinarily
				be the entire amount of the Purchase Money less disbursements made to third
				parties for services enumerated in subdivision (b) of Regulation
				2791.
(b) For purposes of
				compliance with Section
				11243 of the Code:
(1) A proper release has not been obtained
				from a deed of trust encumbering time-share interests or accommodations in a
				time-share plan unless an instrument has been duly recorded unconditionally
				reconveying and releasing the interests being sold or leased from the lien or
				charge of such deed of trust.
(2)
				As an alternative to obtaining a proper release from the lien or charge of such
				deed of trust, it shall be deemed acceptable by the commissioner pursuant to
				Section 11243 of the Code if:
(A) the holder of the deed of trust has duly
				executed an agreement or demand ("release agreement") wherein the holder has
				agreed, notwithstanding any provision to the contrary in the deed of trust, to
				promptly perform any act reasonably necessary to record an instrument
				unconditionally reconveying and releasing the time-share interests or
				accommodations in a time-share plan being sold from the lien or charge of the
				deed of trust upon payment to the holder of an amount or amounts specified in
				the release agreement as the release price for the affected time-share
				interests or accommodations in a time-share plan, and the holder has further
				agreed that specific performance of the terms and provisions of the release
				agreement shall be compelled in favor of the purchaser of the time-share
				interests or accommodations in a time-share plan;
(B) the release agreement has been deposited
				with the escrow holder for the transaction(s);
(C) the developer has notified each purchaser
				that the release agreement is available upon request from the escrow holder;
				and
(D) each purchaser has been
				provided a policy of title insurance insuring the purchaser or lessee against
				loss by reason of the deed of trust.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2807.1 - Alternative to Purchase Money Impound

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The penal sum of the financial assurances permitted pursuant
				  to Section
				  11243(c)
				  furnished by or on behalf of a developer shall be in an amount equal to or in
				  excess of the lesser of (1) the funds that would otherwise be placed in escrow,
				  or (2) the cost to complete the incomplete property in which the time-share
				  interest is located. However, in no event shall the amount be less than the
				  amount of funds that would otherwise be placed in escrow pursuant to Section
				  11243(a)(1).
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11243,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2807.2 - Acceptable Escrow Depositories

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The following entities which are
				qualified to do business in the State of California are escrow depositories
				acceptable to the Commissioner: escrow agents licensed by the Corporations
				Commissioner, banks, trust companies, savings and loan associations, title
				insurers and underwritten title companies.
(b) In exceptional circumstances the
				Commissioner may approve an escrow depository other than an entity enumerated
				in subdivision (a).
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11243,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2807.3 - Acceptable Trustees

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A trust company as defined in Section
				  107 of the
				  Financial Code which is qualified to do business in California is a trustee
				  acceptable to the Commissioner to hold title to a time-share plan pursuant to
				  Section 11243 of the Code. In exceptional
				  circumstances the Commissioner may approve a trustee other than a trust company
				  as defined in Section
				  107 of the
				  Financial Code.
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11243,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2807.4 - Qualified Budget Certification

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Budget Review Section of the Bureau of Real Estate is
				  considered qualified pursuant to Section
				  11240(f)(3) to
				  determine whether budgets of time-share plans meet the requirements of the
				  Vacation Ownership and Time-share Act of 2004. In the event budget review is to
				  be conducted by the Budget Review Section pursuant to Section
				  11240(g), budget
				  review may take place concurrently with processing the application for a final
				  public report.
1. New section
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No. 18).
2.
				  Change without regulatory effect amending section filed 6-30-2014 pursuant to
				  section 100, title 1, California Code of
				  Regulations (Register 2014, No. 27).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11240,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2809 - Application

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application
				for a public report to sell or to offer to sell interests in a time-share plan
				pursuant to Chapter 2 of Part 2 of the Real Estate Law shall be filed with
				Bureau at its principal office in Sacramento along with the applicable
				fee.
(b) The application shall be
				signed by or on behalf of the person to whom the permit is to be issued or by
				an agent with appropriate written authorization on behalf of the person to whom
				the permit is to be issued. If executed within California, the information in
				the application and in the document submitted therewith shall be certified to
				be true under penalty of perjury or verified before a notary public or other
				person qualified to administer oaths. If executed outside of California, the
				information in the application and accompanying documents shall be verified
				before a person qualified to administer oaths within the jurisdiction where
				executed or certified under penalty of perjury in accordance with the
				provisions of subdivision (b) of Section
				2015.5
				of the Code of Civil Procedure.
1. Amendment
				  moving section
				  2809 from article 12.1 to article
				  12.2. and new section filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18). For prior history, see Register 83, No. 30.
2. Change without
				  regulatory effect amending subsection (a) filed 6-30-2014 pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 2014, No. 27).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11226,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2809.2 - Properly Completed Application - Specific Interest Multi-Site Time-Share Plan

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An application for a final public report for a specific
				  time-share interest multi-site time-share plan is "properly completed" within
				  the meaning of Section
				  11231 of the Code if it contains
				  the documents and information enumerated below:
(a) With regard to the component site(s) in
				which the purchaser will receive a specific time-share interest along with a
				reservation priority right at that specific timeshare property, all of the
				applicable information related to that component site as required under Section
				2809.1.
(b) With regard to the component site(s) in
				which the purchaser does not receive a specific time-share interest, the
				information required by Section
				11234(b) and
				evidence:
(1) that the accommodation is
				presently suitable for human occupancy or that financial arrangements have been
				made to complete construction or renovation of the accommodation to make it
				suitable for human occupancy on or before the first date for occupancy by a
				time-share owner, and
(2) that
				there is an enforceable use right assuring occupancy of the accommodation by a
				time-share owner.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2809.5 - Abandoning Application for Public Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The commissioner may abandon an
				application for a final, conditional, amended, or renewed public report, if:
(1) The data required by Sections
				11226 and
				11234 of the Code has not been
				furnished within three years from the date a notice of intention was filed for
				the subdivision public report; and
(2) Six months have elapsed, without
				communication from the developer, since the commissioner has given notice of
				deficiencies or substantive inadequacies contained in the documents which are
				required to make the filing substantially complete and the deficiencies and
				inadequacies have not been corrected by the applicant; and
(3) The term of any one-year extension of
				time in which to complete the application, as provided in subdivision (d), has
				elapsed.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810 - Filing Fees. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New Article
				  12.2 (Sections
				  2810-2813.8) filed 7-17-81;
				  effective thirtieth day thereafter (Register 81, No. 29). For prior history,
				  see Registers 81, No. 21; 80, No. 49; 8, No. 28; 80, No. 3; 75, No. 2; 71, No.
				  50; 68, No. 9; 59, No. 20; and 55, No. 14.
2. Amendment of
				  subsection (a)(18) filed 1-11-84; effective thirtieth day thereafter (Register
				  84, No. 2).
3. Repealer of subsections (a)(2) and (a)(3) and
				  subsection renumbering filed 11-27-96; operative 12-27-96 (Register 96, No.
				  48).
4. New subsection (a)(28) filed 12-30-97; operative 1-29-98
				  (Register 98, No. 1).
5. New subsections (d)-(d)(3) filed 6-20-2002;
				  operative 7-20-2002 (Register 2002, No. 25).
6. Repealer and new
				  section filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
7. Repealer filed 5-1-2007; operative 5-31-2007 (Register 2007,
				  No. 18).
Note: Authority cited: Section
					 11281,
					 Business and Professions Code. Reference: Section
					 11232,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.1 - Regulations Applicable to Time-Share Projects. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
				  filed 1-11-84; effective thirtieth day thereafter (Register 84, No.
				  2).
2. Amendment filed 4-2-86; effective thirtieth day thereafter
				  (Register 86, No. 14).
3. Amendment filed 11-16-87; operative
				  12-16-87 (Register 87, No. 47).
4. Amendment of NOTE filed 5-4-89;
				  operative 6-3-89 (Register 89, No. 23).
5. Amendment of section and
				  NOTE filed 9-29-92; operative 10-30-92 (Register 92, No. 40).
6.
				  Amendment of section and NOTE filed 11-8-93; operative 12-8-93 (Register 93,
				  No. 46).
7. Amendment filed 12-30-97; operative 1-29-98 (Register
				  98, No. 1).
8. Amendment filed 10-26-99; operative 11-25-99
				  (Register 99, No. 44).
9. Amendment filed 11-9-2000; operative
				  12-9-2000 (Register 2000, No. 45).
10. Repealer filed 5-5-2005;
				  operative 7-1-2005 (Register 2005, No. 18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11000,
					 11000.1,
					 11001,
					 11003.5,
					 11004.5(e),
					 11018.5,
					 and
					 11018.12,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.2 - Availability and Suitability for Time-Share Project. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11018,
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.3 - Time-Share Point Systems. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New section
				  filed 9-5-2003; operative 10-5-2003 (Register 2003, No. 36). For prior history,
				  see Register 2000, No. 45.
2. Repealer filed 5-5-2005; operative
				  7-1-2005 (Register 2005, No. 18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.4 - Addition of Dwelling Units to the Project. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.5 - Filing Fees

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				filing fees in connection with applications to the Bureau pursuant to Article 2
				of Chapter 2 of Part 2 of the Real Estate Law shall be the following:
(1) One thousand seven hundred dollars
				($1,700) plus ten dollars ($10) for each time-share interest to be offered for
				an original public report application.
(2) Six hundred dollars ($600) plus ten
				dollars ($10) for each time-share interest to be offered that was not permitted
				to be offered under the public report to be renewed for a renewal public report
				application.
(3) Five hundred
				dollars ($500) plus ten dollars ($10) for each time-share interest to be
				offered under the amended public report for which a fee has not previously been
				paid for an amended public report application.
(4) Five hundred dollars ($500) for a
				conditional public report application.
(5) Five hundred dollars ($500) for a
				preliminary public report application.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.6 - Notification of Material Change. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11012,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2810.7 - Alternative Arrangements for Purchaser Protection. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Section
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2812 - Reasonable Arrangements in Time-Share Projects. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2812.1 - Transfer of Dwelling Units to Association or in Trust. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2812.2 - Conveyance of Dwelling Units in Trust. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11013.2,
					 11013.4,
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2812.3 - Security for Sponsor's Obligations as Owners of Interests. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
				  filed 4-2-86; effective thirtieth day thereafter (Register 86, No.
				  14).
2. Repealer filed 5-5-2005; operative 7-1-2005 (Register 2005,
				  No. 18).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 11018(h)
					 and
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2812.4 - Subsidization by Sponsor. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Amendment
				  filed 1-11-84; effective thirtieth day thereafter (Register 84, No.
				  2).
2. Repealer filed 5-5-2005; operative 7-1-2005 (Register 2005,
				  No. 18).
Note: Authority cited: Section
					 11001 Business and Professions
					 Code. Reference: Sections
					 11018.5,
					 Business and Professions Code.
California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12.2 - Time-Share Project › Section 2812.5 - Covenant Not to Encumber. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
				  filed 5-5-2005; operative 7-1-2005 (Register 2005, No.
				  18).
Note: Authority cited: Section
					 11001 Business and Professions
					 Code. Reference: Sections
					 11018.5,
					 Business and Professions Code.