California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 4 - Standards for the Exercise of the Commissioner's Authority
Subarticle 10 - Real Estate Programs
Conflicts of Interest and Investment Restrictions
Section 260.140.114.4 - Commissions on Reinvestment

A program may pay a commission or fee to the sponsor in connection with any reinvestment provided the sum of such commission or fee and the acquisition fee received on the initial acquisition together do not exceed the limitations of Section 260.140.113.3 had the initial and subsequent purchase occurred simultaneously on a combined leverage basis not exceeding 80% of the purchase price of the properties.

1. Amendment filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).
2. Amendment of section and heading filed 5-18-92; operative 6-17-92 (Register 92, No. 22).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.