Cal. FIN § 12300.5
This is the official text of Cal. FIN § 12300.5, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
An amount equal to all such funds received by a licensee shall be separated from the funds of the licensee and deposited in its trust account not later than the end of the next business day following receipt by such licensee. All such funds shall thereafter remain in such trust account and may be used for no purpose other than paying bills of said persons, or paying checks, drafts, money orders, or other commercial paper sold by the licensee except as otherwise provided in Section 12300.6.
Status: in_force · Read it on the official government site
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