California Financial Code

§ 12301.5

FIN § 12301.5Div. 3 · Ch. 4

Statute text

No agent of a licensee shall issue or cause to be issued any check, draft, or money order, or other commercial paper serving the same purpose which is drawn upon the trust account of a licensee without concurrently receiving in full, in cash, or by check, draft, or money order from a third party believed to be valid, the principal amount thereof.

Legislative history

Added by Stats. 1963, Ch. 1817.