reglab/housing_qa huggingface dataset:
CA Fin Code § 50125 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 2 - Licensing: Residential Mortgage Lender|Section 50125.

50125.  The commissioner may refuse to issue a residential mortgage lender or servicer license if any of the following apply:(a) The applicant is not in material compliance with a provision of this division or an order or rule of the commissioner.(b) The commissioner cannot make the findings specified in subdivision (c) of Section 50121.(c) A material requirement for issuance of a license has not been met.(Amended by Stats. 2009, Ch. 160, Sec. 55. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50126 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 2 - Licensing: Residential Mortgage Lender|Section 50126.

50126.  (a) Upon reasonable notice and opportunity to be heard, the commissioner may deny an application for any of the following reasons:(1) A false statement of a material fact has been made in the application.(2) Any officer, director, general partner, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant has, within the last 10 years, (A) been convicted of, or pleaded nolo contendere to, a crime or (B) committed any act involving dishonesty, fraud, or deceit, if the crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with this division.(3) The applicant or any officer, director, general partner, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant, has violated any provision of this division or the rules thereunder or any similar regulatory scheme of the State of California or a foreign jurisdiction.(4) The applicant employs a mortgage loan originator who is not licensed in this state, unless the mortgage loan originator is exempt from licensure.(b) The application shall be considered withdrawn within the meaning of this section if the applicant fails to respond to a written notification of a deficiency in the application within 90 days of the date of the notification.(c) The commissioner shall, within 60 days from the filing of a full and complete application for a license, including the receipt of background and investigative reports from the Department of Justice or other government agencies, and the payment of the fees required by Section 50121, issue either a residential mortgage lender or servicer license or a statement of issues prepared in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code.(Amended by Stats. 2009, Ch. 160, Sec. 56. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50127 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 2 - Licensing: Residential Mortgage Lender|Section 50127.

50127.  The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner has all the powers granted therein.(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
CA Fin Code § 50128 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 2 - Licensing: Residential Mortgage Lender|Section 50128.

50128.  As used in this act, the term “principal officer” means an officer with direct responsibility for the conduct of the residential mortgage lender or servicer licensee’s or license applicant’s lending or servicing activities in this state.(Amended by Stats. 2009, Ch. 160, Sec. 57. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50129 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 2 - Licensing: Residential Mortgage Lender|Section 50129.

50129.  (a) A residential mortgage lender or servicer licensed under this chapter may, under the authority of that license and subject to the provisions of this division, do both of the following:(1) Engage as a principal in the business of buying from or selling to institutional investors residential mortgage loans by using or advancing one’s own funds.(2) Engage, pursuant to a written agency contract with an institutional lender specified in paragraph (1), (2), or (4) of subdivision (k) of Section 50003, in the business of soliciting, processing applications, or applying residential loan underwriting criteria, but not engage in the business of brokerage services pursuant to this subdivision, for residential mortgage loans for that lender, using or advancing the funds of that lender, provided that no fees or charges may be demanded or collected by the residential mortgage lender licensee for any performance or service, except fees demanded by, or collected on behalf of, the institutional lender, and that the licensee gives a written disclosure to the borrower, as soon as practicable but prior to loan closing, identifying the licensee and stating that the licensee is not the lender in the transaction but has contracted to provide soliciting, processing, or underwriting services for the lender. Separate schedules of the number and principal amount of the loans processed and underwritten shall be included in the licensee’s annual report required by subdivision (a) of Section 50401.(b) The act of soliciting other institutional lenders with whom a residential mortgage lender licensee has concluded an agency contract pursuant to paragraph (2) of subdivision (a) for placement of a loan upon declination of that loan by another institutional lender contracted under paragraph (2) of subdivision (a), constitutes brokerage services, and may be pursued by the licensee only following execution of a loan brokerage agreement with the borrower as provided in this division.(Amended by Stats. 2009, Ch. 160, Sec. 58. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50130 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3 - Licensing: Residential Mortgage Loan Servicer|Section 50130.

50130.  (a) A mortgage servicer shall file an application for licensure under this chapter with the commissioner to service mortgage loans in this state by satisfying the requirements of this chapter and the applicable provisions, as determined by the commissioner, of Chapter 2 (commencing with Section 50120).(b) A mortgage servicer may apply for licensure by doing all of the following:(1) Filing with the commissioner an application containing the information required by Section 50122, and any additional information the commissioner may require by rule.(2) Paying the investigation and application fees required by Section 50121.(3) Submitting any information required by Section 50124.(4) Complying with the applicable provisions of Chapter 2 (commencing with Section 50120).(c) A licensee may not make or service loans secured by real property pursuant to the authority of a license, or exemption from licensure, under the Real Estate Law.(d) The commissioner may, pursuant to Section 50321, order a licensee to cease any other business conducted at any location where the licensee operates under the authority of a residential mortgage servicer license, if the commissioner finds that the conduct of that business has facilitated evasions of this division or the rules adopted pursuant to this division, or that the conduct of that business is in violation of any law to which that business is subject.(e) A license for a business location outside this state shall constitute an agreement by the mortgage servicer to, at the discretion of the commissioner, either (1) make the licensee’s books, accounts, papers, records, and files available to the commissioner or the commissioner’s representatives in this state within 10 calendar days of a request from the commissioner or, (2) pay the reasonable expenses for travel, meals, and lodging of the commissioner or the commissioner’s representatives incurred during an investigation or examination made at the licensee’s location outside this state.(f) The commissioner shall license a mortgage servicer upon completion of the investigation and issuance of the findings required by Section 50121, subject to Sections 50123, 50125, 50126, and 50127.(g) A mortgage servicer licensed to service mortgage loans shall comply with all applicable requirements of California and federal law, including the Civil Code and Section 2609 of the federal Real Estate Settlement Procedures Act of 1974, as amended (12 U.S.C. Sec. 2601 et seq.).(h) A license shall remain in effect until suspended, surrendered, or revoked.(i) The commissioner may require an applicant or licensee to make some or all filings with the commissioner through the Nationwide Mortgage Licensing System and Registry.(Amended by Stats. 2009, Ch. 160, Sec. 59. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50141 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.5 - Mortgage Loan Originators|Section 50141.

50141.  (a) The commissioner shall deny an application for a mortgage loan originator license unless the commissioner makes at a minimum the following findings:(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation or set aside of such revocation shall not be deemed a revocation.(2) (A) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application for licensing and registration, or at any time preceding the date of application, if such felony involved an act of fraud, dishonesty, a breach of trust, or money laundering. Whether a particular crime is classified as a felony shall be determined by the law of the jurisdiction in which an individual is convicted.(B) For purposes of this paragraph, an expunged or pardoned felony conviction shall not require denial of an application. However, the commissioner may consider the underlying crime, facts, or circumstances of an expunged or pardoned felony conviction when determining the eligibility of an applicant for licensure under this paragraph or paragraph (3).(3) The applicant has demonstrated such financial responsibility, character, and general fitness as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this division.(4) The applicant has completed the prelicensing education requirement described in Section 50142.(5) The applicant has passed a written test that meets the test requirements described in Section 50143.(6) The applicant is employed by, and subject to the supervision of, a residential mortgage lender or servicer that has obtained a license from the commissioner pursuant to this division.(7) The surety bond of the residential mortgage lender or servicer employing the applicant covers the activities of the applicant and meets the requirements of Section 50205.(b) Before denying a license under this section, the commissioner shall proceed as prescribed by Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code and shall have all the powers granted under that chapter.(Amended by Stats. 2011, Ch. 444, Sec. 4. (SB 217) Effective January 1, 2012.)
CA Fin Code § 50142 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.5 - Mortgage Loan Originators|Section 50142.

50142.  (a) An applicant for a mortgage loan originator license shall complete at least 20 hours of education approved in accordance with subdivision (b). The education shall include at least the following:(1) Three hours of instruction on federal law and regulations.(2) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues.(3) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.(4) Two hours of training related to relevant California law and regulations.(b) For purposes of subdivision (a), prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry. Review and approval of a prelicensing education course shall include review and approval of the course provider.(c) Nothing in this section shall preclude any prelicensing education course approved by the Nationwide Mortgage Licensing System and Registry that is provided by the employer of the applicant or an entity that is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of the employer or entity.(d) Prelicensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.(e) The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry for any state other than California shall be accepted as credit toward completion of prelicensing education requirements in California.(f) An individual previously licensed under this chapter applying to be licensed again must prove that he or she has completed all of the continuing education requirements for the year in which that individual last held the license.(Amended by Stats. 2014, Ch. 123, Sec. 4. (SB 1459) Effective January 1, 2015.)
CA Fin Code § 50143 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.5 - Mortgage Loan Originators|Section 50143.

50143.  (a) An applicant for a mortgage loan originator license shall pass a qualified written test developed or otherwise deemed acceptable by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry.(b) A written test shall not be treated as a qualified written test for purposes of subdivision (a) unless the test adequately measures the applicant’s knowledge and comprehension in appropriate subject areas, including the following:(1) Ethics.(2) Federal law and regulation relating to mortgage origination.(3) State law and regulation relating to mortgage origination.(4) Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.(c) Nothing in this section shall prohibit a test provider approved by the Nationwide Mortgage Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.(d) (1) An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than 75 percent of correct answers to questions.(2) An individual who fails the qualified written test may retake the test up to three consecutive times, although at least 30 days shall pass between each retesting.(3) An applicant who fails three consecutive retests shall wait at least six months before retesting.(4) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which the individual is a registered mortgage loan originator.(Amended by Stats. 2014, Ch. 123, Sec. 5. (SB 1459) Effective January 1, 2015.)
CA Fin Code § 50144 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.5 - Mortgage Loan Originators|Section 50144.

50144.  (a) A mortgage loan originator shall comply with the requirements of this section on or before December 31 of every year.(b) The minimum standards for license renewal for mortgage loan originators shall include the following:(1) The mortgage loan originator continues to meet the minimum standards for license issuance under Section 50141.(2) The mortgage loan originator has satisfied the annual continuing education requirements described in Section 50145.(3) The mortgage loan originator, or the residential mortgage lender or servicer employing the mortgage loan originator, has paid all required fees for renewal of the license.(4) The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire at midnight on December 31, except as provided in Section 50145. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry.(Amended by Stats. 2010, Ch. 287, Sec. 13. (SB 1137) Effective January 1, 2011.)
CA Fin Code § 50145 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.5 - Mortgage Loan Originators|Section 50145.

50145.  (a) A licensed mortgage loan originator shall complete at least eight hours of continuing education approved in accordance with subdivision (b). The continuing education shall include at least the following:(1) Three hours of instruction on federal law and regulations.(2) Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues.(3) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.(4) One hour of training related to relevant California law and regulations.(b) For purposes of subdivision (a), continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry. Review and approval of a continuing education course shall include review and approval of the course provider.(c) Nothing in this section shall preclude any education course approved by the Nationwide Mortgage Licensing System and Registry that is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of the employer or entity.(d) Continuing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.(e) Except as provided in subdivision (i), a licensed mortgage loan originator:(1) May only receive credit for a continuing education course in the year in which the course is taken.(2) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education.(f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator’s own annual continuing education requirement at the rate of two hours credit for every one hour taught.(g) A person who has successfully completed continuing education requirements approved by the Nationwide Mortgage Licensing System and Registry for any state other than California shall be granted credit toward completion of continuing education requirements in California.(h) A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.(i) A person meeting the requirements of paragraphs (1) and (3) of subdivision (b) of Section 50144 may correct any deficiency in continuing education as established by rule or regulation of the commissioner.(Amended by Stats. 2014, Ch. 123, Sec. 6. (SB 1459) Effective January 1, 2015.)
CA Fin Code § 50146 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.5 - Mortgage Loan Originators|Section 50146.

50146.  In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may establish by rule, regulation, or order, requirements as necessary, including, but not limited to, the following:(a) Background checks for:(1) Criminal history through fingerprint or other databases.(2) Civil or administrative records.(3) Credit history.(4) Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry or the commissioner.(b) The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry.(c) The setting or resetting as necessary of renewal or reporting dates.(d) Requirements for amending or surrendering a license or any other activities as the commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.(Added by Stats. 2009, Ch. 160, Sec. 60. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50150 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.6 - Nationwide Mortgage Licensing System and Registry|Section 50150.

50150.  (a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this division.(b) For the purpose of participating in the Nationwide Mortgage Licensing System and Registry, the commissioner is authorized to waive or modify, in whole or in part, by rule, regulation, or order, any or all of the requirements of this division and to establish new requirements as reasonably necessary to participate in the Nationwide Mortgage Licensing System and Registry.(c) The commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting information from, and distributing information to, the Department of Justice or any governmental agency.(d) The commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the commissioner.(e) The commissioner shall establish a process where applicants and licensees may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner.(Added by Stats. 2009, Ch. 160, Sec. 61. (SB 36) Effective October 11, 2009.)