2 Questions regarding seller financing in california

[Nathaniel Ponce]

Hey guys my name is Nathaniel Ponce and I’m a real estate agent here in California working Orange and LA county’. I have been watching Pace Morby’s videos on creative financing seller financing and things like that and I am completely inspired and fascinated. I just had 2 questions and I am hoping somebody could answer them. 

1. When the IOU is made and the monthly payment is established where   does the the monthly payment get sent to and how do commissions get disbursed ?  

2.In california is there any specific law or anything that affects seller financing ?