California Vehicle Code

§ 11737

VEH § 11737 Effective Jan 1, 1995Div. 5 · Ch. 4 · Art. 1

Statute text

(a)A dealer who brokers a motor vehicle sale shall deposit directly into a trust account any purchase money, including purchase deposits, it receives from a consumer or a consumer’s lender. This subdivision does not require a separate trust account for each brokered transaction.

(b)The brokering dealer shall not in any manner encumber the corpus of the trust account except as follows:

(1)In partial or full payment to a selling dealer for a vehicle purchased by the brokering dealer’s consumer.

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Legislative history

Added by Stats. 1994, Ch. 1253, Sec. 14. Effective January 1, 1995.