DIVISION 3. CHECK SELLERS, BILL PAYERS, AND PRORATERS 12000-12404›CHAPTER 4. Licensee Regulations 12300-12332

§ 12301.5

California Financial Code · 2020-11 edition · updated 2026-10-04 · California

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.

(Added by Stats. 1963, Ch. 1817.)

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California Financial Code

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