§ 2791.2. Bond Alternative to Purchase Money Impound.

The penal sum of a bond or bonds furnished by or on behalf of a subdivider pursuant to Section 11013.2(c) or Section 11013.4(b) or (c) of the Code shall ordinarily be not less than the aggregate amount of the money paid or advanced toward the purchase or lease of subdivision interests for which the subdivider is accountable to prospective purchasers or lessees less the sum of the amount held in escrow depositories or trust accounts pursuant to Section 11013.2(a) or Section 11013.4(a) of the Code and the disbursements made to third parties for services enumerated in subdivision (b) of Regulation 2791.

HISTORY

1. Repealer and new section filed 12-3-80; effective thirtieth day thereafter (Register 80, No. 49). For prior history, see Register 65, No. 17.

2. Amendment filed 1-21-83; effective thirtieth day thereafter (Register 83, No. 4).

Note

Note: Authority cited: Section 11001, Business and Professions Code. Reference: Sections 11013.2 and 11013.4, Business and Professions Code.