2970. Advance Fee Materials.
(a) A person who proposes to collect an advance fee as defined in Section 10026 in the Code shall submit to the
Commissioner not less than ten calendar days before publication or other use, all materials to be used in advertising,
promoting, soliciting and negotiating an agreement calling for the payment of an advance fee including the form of
advance fee agreement proposed for use.
(b) Material used in advertising, promoting, soliciting and negotiating an advance fee agreement shall not be approved
if it:
(1) Includes any representation which is false, misleading or deceptive.
(2) Does not set forth a specific, complete description of the services to be rendered for the advance fee.
(3) Does not set forth the total amount of the advance fee along with the date on which the fee shall become due
and payable.
(4) Contains any provision which purports to relieve or exempt the person collecting the advance fee from an
obligation to fulfill verbal commitments and representations made by retained broker associates, retained
salespersons, employees and agents of the person contracting for the advance fee.
(5) Contains any provision which purports to give a guarantee that the real property or business opportunity in
question will be purchased, leased or exchanged or that a loan secured by real property will be obtained as a result
of the services rendered by the person collecting the advance fee.
(6) Does not set forth a definite date for full performance of the services promised under the advance fee agreement.
(c) Not less than 10-point type shall be used in advance fee agreements.