§ 11010.5
148 words·~1 min read·
/ca/business-and-professions-code/11010-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The filing of a second notice of intention to sell and a second report of the commissioner under this article shall not be required when all the following conditions have been met:
(a)where there has been a previous subdivision report and the lots are subsequently acquired through any foreclosure action, or by a deed in lieu of foreclosure, by a bank, life insurance company, industrial loan company, credit union, or savings and loan association licensed or operating under the provisions of a state or federal law if the acquired lots, either improved or unimproved, will be sold in conformance with the previously issued subdivision public report;
(b)the original public report is given to the first purchasers of the lots in the foreclosed subdivision; and
(c)the commissioner is notified of the change of ownership within 30 days of the acquisition of the title to such property.