California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 8 - Licensing of Broker-Dealers and Agents
Section 260.204.1 - Real Estate Brokers Effecting Transactions in Securities
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
An exemption from the provisions of Section 25210 of the Code is hereby granted, as being necessary and appropriate in the public interest and for the protection of investors, to any person who is a real estate broker as defined in Section 10131 of the Business and Professions Code, duly licensed to engage in the business of a real estate broker in this state, and whose business as a broker-dealer, in addition to any transactions within Section 25206 of the Code, is limited to any or all of the following:
(a) Transactions involving all of the outstanding securities of an existing business if the transactions have been negotiated as transactions for the purchase or sale of real estate or substantially all of the assets of the existing business, or both, but excluding those transactions involving a merger, consolidation, or other reorganization; or
(b) Transactions in the shares or memberships of mutual water companies in connection with a sale of an interest in real property; or
(c) Transactions in investment contracts sold or offered for sale with, or as part of, residential condominium units or time share uses or estates, if the sale of such investment contracts has been qualified pursuant to Chapter 2, (commencing with Section 25110), Part 2, Division 1, Title 4 of the Code; or
(d) Transactions in a series of notes secured by interests in the same real property, or in undivided interests in a note secured by real property, pursuant to a qualification under Section 25110, Section 25120 or Section 25130 of the Code or pursuant to the exemption contained in Section 25102(e), Section 25102(i) or Section 25102.5, other than an offering which is made pursuant to a registration under the Securities Act of 1933 or a Regulation A exemption under that act (17 CFR 230.231 et seq.).
1. Repealer
of subsection (d) and renumbering of subsection (e) to (d) filed 11-14-78;
effective thirtieth day thereafter (Register 78, No. 45). For former history,
see Registers 72, No. 42; 72, No. 30; 72, No. 27; 72, No. 15; 70, No.
29.
2. Amendment filed 8-27-81 as an emergency; effective upon
filing (Register 81, No. 37).
3. Order of Repeal of 8-27-81
emergency order filed 9-4-81 by OAL pursuant to Government Code Section
11349.6
(Register 81, No. 37).
4. Amendment filed 6-24-82; effective
thirtieth day thereafter (Register 82, No. 26).
5. Amendment filed
4-27-84; effective thirtieth day thereafter (Register 84, No.
18).
6. Amendment filed 1-31-91; operative 3-2-91 (Register 91, No.
8).
7. Amendment of first paragraph and subsections (c) and (d)
filed 8-6-98; operative 9-5-98 (Register 98, No.
32).
Note: Authority cited: Sections 25204 and 25610, Corporations Code. Reference: Section 25204, Corporations Code.
