Cal. Code Regs. tit. 10 § 2851.1
The following shall constitute an acceptable format for the creation and assignment of a cash deposit to the Commissioner pursuant to Section 10167.7 of the Code:
PREPAID RENTAL LISTING SERVICE CASH DEPOSIT SECURITY
______________________________ (ASSIGNOR), a prepaid rental listing service licensee whose principal licensed location is at: ___________________________
______________________________ hereby assigns to the Real Estate Commissioner of the State of California (ASSIGNEE) all of ASSIGNOR'S right, title and interest in a cash deposit /certificate of deposit in the amount of ____________________ ($__________) identified as follows:
Name and/or Number ___________________________
Depository/Issuer ___________________________
Name
Address ___________________________
City and State ___________________________
ASSIGNOR has applied to the Department of Real Estate of the State of California for a license to act as a prepaid listing service, or for the renewal of said license, and is required by Section 10167.7 of the Business and Professions Code to provide a cash deposit in the amount of $10,000 for each licensed location. This assignment is made in accordance with and pursuant to Section 1067.7.
This assignment includes any or all rights arising out of insurance of the principal amount of the account by the Federal Deposit Insurance Corporation or other insurer, but ASSIGNOR retains for himself all rights to interest earned on the principal and all rights arising out of insurance of the unpaid interest earned on the principal amount.
ASSIGNOR hereby gives to ASSIGNEE or his duly appointed representative the authority to withdraw funds from the account at any time without notice to ASSIGNOR for the purpose of paying unsatisfied judgements in accordance with Section 10167.7. This authority of ASSIGNEE shall include the power to convert a Certificate of Deposit or similar evidence of a deposit to cash as necessary to make payments for the benefit of unsatisfied judgement creditors notwithstanding the fact that such conversion may result in an interest penalty.
The Certificate of Deposit or other certificate evidencing the above identified account shall be retained in the custody of ASSIGNEE while this assignment remains in effect. This assignment shall remain effective until ASSIGNEE shall determine that there is not longer any potential liability of ASSIGNOR under Section 10167.10 of the Code.
DATED ____________________, 20___
___________________________________
Signature of Assignor [FN*]
[FN*]
If an account or certificate is in the name of a corporation, the assignment must be signed by an officer of the corporation.
Cal. Code Regs. Tit. 10, § 2851.1
2. Amendment of section and NOTE filed 9-19-2002; operative 10-19-2002 (Register 2002, No. 38).
Note: Authority cited: Section 10080, Business and Professions Code. Reference: Section 10167.7, Business and Professions Code.
2. Amendment of section and Note filed 9-19-2002; operative 10-19-2002 (Register 2002, No. 38).