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Cal. Bus. & Prof. Code § 10470

Real Estate Recovery Program

Showing this section's text as in effect on January 1, 2011 (in force January 1, 2011 – January 1, 2013). View current text →

If, on June 30 of any year, the balance remaining in the Consumer Recovery Account in the Real Estate Fund is less than two hundred thousand dollars ($200,000), every licensed broker, when obtaining or renewing any broker license within four years thereafter, shall pay, in addition to the license fee, a fee of seven dollars ($7), and every licensed salesperson, when obtaining or renewing such license within four years thereafter, shall pay, in addition to the license fee, a fee of four dollars ($4). The fees from both broker and salesperson licensees shall be paid into the State Treasury and credited to the Consumer Recovery Account.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.