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Section 51011 Of Division 20.5. Exchange Facilitators From California Financial Code >> Division 20.5.
51011
. A person engaged in business as an exchange facilitator
shall not do any of the following:
(a) Make any material misrepresentations concerning any like-kind exchange transaction that are intended to mislead.
(b) Pursue a continued or flagrant course of misrepresentation, or make false statements through advertising or otherwise.
(c) Fail, within a reasonable time, to account for any moneys or property belonging to others that may be in the possession of, or under control of, the person.
(d) Engage in any conduct constituting fraudulent or dishonest dealings.
(e) Commit any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery, or theft.
(f) Materially fail to fulfill its contractual duties to a client to deliver property or funds to the client, unless that failure is due to circumstances beyond the control of the person engaging in business as an exchange facilitator.
(a) Make any material misrepresentations concerning any like-kind exchange transaction that are intended to mislead.
(b) Pursue a continued or flagrant course of misrepresentation, or make false statements through advertising or otherwise.
(c) Fail, within a reasonable time, to account for any moneys or property belonging to others that may be in the possession of, or under control of, the person.
(d) Engage in any conduct constituting fraudulent or dishonest dealings.
(e) Commit any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery, or theft.
(f) Materially fail to fulfill its contractual duties to a client to deliver property or funds to the client, unless that failure is due to circumstances beyond the control of the person engaging in business as an exchange facilitator.
