California Statutes
§ 1404. — 1404. (Added by Stats. 2011, Ch. 243, Sec. 3.)
California·Code FIN Financial Code - FIN·Div. 1.1. DIVISION 1.1. BANKING·Ch. 12. CHAPTER 12. Deposits·Art. 1. ARTICLE 1. Depositors
Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, but subject to the limitations of Section 854, benefits accruing from the placement in a noninterest bearing account of a financial institution of funds received by a real estate broker who collects payments or provides services in connection with a loan secured by a lien on real property under subdivision (d) of Section 10131 or Section 10131.1 of the Business and Professions Code shall
inure to the broker, unless otherwise agreed in writing by the broker and the lender or note owner on the loan. A borrower shall receive at least 2 percent simple interest per annum on impound account payments covered by Section 2954.8 of the Civil Code. For purposes of this section “financial institution” me
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California § 1404. (1404. (Added by Stats. 2011, Ch. 243, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.