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
Introduction
Section 260.140.110.1 - Application

(a) The guidelines contained in these Rules apply to qualifications of real estate programs in the form of limited partnerships (also referred to herein as "programs" or "partnerships") and will be applied by analogy to real estate programs in other forms. While applications not conforming to the standards contained herein shall be looked upon with disfavor, where good cause is shown certain guidelines may be modified or waived by the Commissioner.

(b) Where the individual characteristics of specific programs warrant modification from these standards, they will be accommodated, insofar as possible, while still being consistent with the spirit of these Rules.

(c) As part of the application for qualification of a real estate program, a cross reference sheet shall be submitted showing the location in the prospectus, partnership agreement or other exhibits of compliance with, or variance from, all of the provisions of these Rules. The cross reference sheet shall contain a concise statement explaining and justifying each variance from these Rules. If any of these Rules are inapplicable, a statement to that effect shall be made in the cross reference sheet.

(d) Where these guidelines conflict with requirements of the Securities and Exchange Commission, the guidelines will not apply.