California Statutes
§ 1405. — 1405. (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
(a)Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, benefits accruing from the placement in an interest bearing account of a financial institution of funds received by a real estate broker, as defined in Section 10131 of the Business and Professions Code, who collects payments or provides services for an institutional investor in connection with a loan secured by commercial real property may inure to the real estate
broker, if agreed to in writing by the real estate broker and that institutional investor as to that loan.
(b)For purposes of this section, the following definitions shall apply:
(1)“Commercial real property” means real estate improved with other than a one-to-four family residence.
(2)“Financial institution” means any insti
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California § 1405. (1405. (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.