You are here: California / Business and Professions Code - BPC / ARTICLE 2. Investigation, Regulation and Report [11010. - 11023.] / Section 11010.5.


Section 11010.5. (Amended by Stats. 1992, Ch. 864, Sec. 1.)
Cite as: Cal. Bus. & Prof. Code §11010.5.

The filing of a second notice of intention to sell and a second report of the commissioner under this article shall not be required when all the following conditions have been met: (a) where there has been a previous subdivision report and the lots are subsequently acquired through any foreclosure action, or by a deed in lieu of foreclosure, by a bank, life insurance company, industrial loan company, credit union, or savings and loan association licensed or operating under the provisions of a state or federal law if the acquired lots, either improved or unimproved, will be sold in conformance with the previously issued subdivision public report; (b) the original public report is given to the first purchasers of the lots in the foreclosed subdivision; and (c) the commissioner is notified of the change of ownership within 30 days of the acquisition of the title to such property.



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