California Business and Professions Code 10241.2 – If the broker elects to make a loan subject to Section 10240 which …
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If the broker elects to make a loan subject to Section 10240 which consists wholly or in part of broker-controlled funds as defined in subdivision (j) of Section 10241, the broker shall advise the borrower of that fact not later than the next business day after making the election, but in any event before the close of escrow of the loan transaction.
(Added by Stats. 1982, Ch. 886, Sec. 6.)
Terms Used In California Business and Professions Code 10241.2
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15