Cal. Code Regs. tit. 10 § 2807.1

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 2807.1 - Alternative to Purchase Money Impound

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).

Cal. Code Regs. Tit. 10, § 2807.1

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.

1. New section filed 5-5-2005; operative 7-1-2005 (Register 2005, No. 18).