§ 2807.1. Alternative to Purchase Money Impound.

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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).

HISTORY

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

Note

Note: Authority cited: Section 11281, Business and Professions Code. Reference: Section 11243, Business and Professions Code.

                    
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