California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2.6 - Franchises
Section 310.113.1 - Operation of Impound Condition

Universal Citation: 10 CA Code of Regs 310.113.1
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

When an impound condition is imposed in connection with the registration of a franchise offering, one hundred percent of franchisee fees and all other funds paid by the franchisees or subfranchisors for any purpose shall within 48 hours of the receipt of such funds, be placed with the depositary. The funds will be held by the depositary until the Commissioner takes further action pursuant to Section 310.113.4 of these rules.

All checks shall be made payable to the depositary.

1. Amendment filed 10-28-82; effective thirtieth day thereafter (Register 82, No. 44).

Note: Authority cited: Section 31502, Corporations Code. Reference: Section 31113, Corporations Code.

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