§ 10236.2. — 10236.2. (Amended by Stats. 2021, Ch. 431, Sec. 24.)

California § 10236.2.

• Jurisdiction: California
• Code BPC: Business and Professions Code - BPC
• Div. 4.: DIVISION 4. REAL ESTATE
• Part 1.: PART 1. LICENSING OF PERSONS
• Ch. 3.: CHAPTER 3. Real Estate Regulations
• Art. 5.: ARTICLE 5. Transactions in Trust Deeds and Real Property Sales Contracts

Text

(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.

Legislative History

Amended by Stats. 2021, Ch. 431, Sec. 24. (SB 800) Effective January 1, 2022.