Fin. Code, § 51011 · Division 20.5. EXCHANGE FACILITATORS
Fin. Code, § 51011
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Added by Stats. 2008, Ch. 708, Sec. 2. Effective January 1, 2009.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=51011.
- Text hash
- sha256 817ed396761023ab4f5cc3cefd3dbd22ef5ba7204920d283257c60e1b664a08b
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.