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.
Cal. Bus. & Prof. Code § 10241.2
Real Property Loans
Known as the Real Estate Law
The act spans §§ 10000–10580 (368 sections).
Added by Stats. 1982, Ch. 886, Sec. 6.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.