The written consent of every principal who is an owner of the funds in the account shall be obtained by a real estate broker prior to each disbursement if such a disbursement will reduce the balance of funds in the account to an amount less than the existing aggregate trust fund liability of the broker to all owners of the funds.

Note: Authority cited: Section 10080, Business and Professions Code. Reference: Section 10145, Business and Professions Code.

History

1. New section filed 12-2-74; effective thirtieth day thereafter (Register 74, No. 49). For history of former section, see Register 72, No. 53.

2. Amendment of section and Note filed 11-8-93; operative 12-8-93 (Register 93, No. 46).

3. Amendment filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).