Section 51000.
51000. As used in this division, the following terms shall have the following meanings: (a) “Client” means the taxpayer with whom the exchange facilitator enters into an agreement described in subparagraph (A) of paragraph (1) of subdivision (b). (b) (1) “Exchange facilitator” means a person that does any of the following: (A) Facilitates, for a fee, as defined in […]
Section 51001.
51001. (a) A person who engages in business as an exchange facilitator shall notify all existing exchange clients whose relinquished property is located in this state, or whose replacement property held under a qualified exchange accommodation agreement is located in this state, of any change in control of the exchange facilitator. That notification shall be provided […]
Section 51003.
51003. (a) A person who engages in business as an exchange facilitator shall at all times comply with one or more of the following: (1) Maintain a fidelity bond or bonds in an amount not less than one million dollars ($1,000,000), executed by an insurer authorized to do business in this state or an eligible surplus line […]
Section 51005.
51005. Any person claiming to have sustained damage by reason of the failure of a person engaging in business as an exchange facilitator to comply with this division may file a claim on the bonds, deposits, or letters of credit described in Section 51003 to recover the damages subject to the terms and conditions of […]
Section 51007.
51007. (a) A person who engages in business as an exchange facilitator shall at all times comply with either of the following: (1) Maintain a policy of errors and omissions insurance in an amount not less than two hundred fifty thousand dollars ($250,000), executed by an insurer authorized to do business in this state or an eligible […]
Section 51009.
51009. (a) A person who engages in business as an exchange facilitator shall have the responsibility to act as a custodian for all exchange funds, including, but not limited to, money, property, other consideration, or instruments received by the person from, or on behalf of, a client, except funds received as the person’s compensation. A person […]
Section 51011.
51011. A person engaged in business as an exchange facilitator shall not do any of the following: (a) Make any material misrepresentations concerning any like-kind exchange transaction that are intended to mislead. (b) Pursue a continued or flagrant course of misrepresentation, or make false statements through advertising or otherwise. (c) Fail, within a reasonable time, to account for […]
Section 51013.
51013. A person who violates this division is subject to civil suit in a court of competent jurisdiction. (Added by Stats. 2008, Ch. 708, Sec. 2. Effective January 1, 2009.)
Section 70000.
70000. For purposes of this division, “fund” means the California Financial Literacy Fund. (Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.)
Section 70001.
70001. (a) The California Financial Literacy Fund is hereby established in the State Treasury. The fund shall be administered by the Controller. (b) The purpose of the fund is to enable partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy. (c) Funds not appropriated within 18 months of being contributed to […]