You are here: California / Business and Professions Code - BPC / ARTICLE 6. Claim of Exemption From Securities Qualification [10237. - 10239.4.] / Section 10237.

Section 10237. (Added by Stats. 2003, Ch. 901, Sec. 2.)
Cite as: Cal. Bus. & Prof. Code §10237.

Any transaction that involves the sale of or offer to sell a series of notes secured directly by interests in one or more parcels of real property, or the sale of undivided interests in a note secured directly by one or more parcels of real property equivalent to a series transaction, shall comply with all of the provisions of this article.

A real property securities dealer within the meaning of this article is any person, acting as principal or agent, who engages in the business of:

(a)Selling real property securities as defined by subdivision (a) or (b) of Section 10237.1, to the public, or

(b)Offering to accept or accepting funds for continual reinvestment in real property securities, or for placement in an account, plan or program whereby the dealer implies that a return will be derived from a specific real property sales contract or promissory note secured directly or collaterally by a lien on real property which is not specifically stated to be based upon the contractual payments thereon.

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