You are here: California / Business and Professions Code - BPC / ARTICLE 6. Claim of Exemption From Securities Qualification [10237. - 10239.4.] / Section 10239.2.

Section 10239.2. (Added by Stats. 2003, Ch. 901, Sec. 2.)
Cite as: Cal. Bus. & Prof. Code §10239.2.

Said order shall continue in force and effect until, on the application either of the commissioner or of such person, it shall, after a full hearing, appear to said court that the ground for said order directing the commissioner to take title and possession does not exist or has been removed and that said person can properly resume title and possession of its property and the conduct of its business.

For the purposes of this article, the following definitions shall apply:

(a)“Broker” means a person licensed as a broker under this part.

(b)“Affiliate” means a person controlled by, controlling, or under common control with, the broker.

(c)“Servicing agent” means the real estate broker or person exempted from the licensing requirements for real estate brokers under this chapter, to act as agent for the purchasers or lenders to service the notes and deeds of trust, including the handling the receipt and transmission of payments and the institution of foreclosure proceedings in the event of a default.

(d)Except as provided in paragraph (5) of subdivision (j) of Section 10238, the terms “sale” and “offer to sell,” shall have the same meaning as set forth in Section 25017 of the Corporations Code and include the acts of negotiating and arranging the transaction.

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