reglab/housing_qa huggingface dataset:
CA Fin Code § 50151 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.6 - Nationwide Mortgage Licensing System and Registry|Section 50151.

50151.  (a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal law or the Information Practices Act (Chapter 1 (commencing with Section 1798) of Part 4 of Division 3 of the Civil Code) regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to that information or material, shall continue to apply to the information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or the Information Practices Act.(b) Information or material that is subject to a privilege or confidentiality under subdivision (a) shall not be subject to the following:(1) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the state.(2) Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to the information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of that person, that privilege.(c) This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public.(Added by Stats. 2009, Ch. 160, Sec. 61. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50152 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 3.6 - Nationwide Mortgage Licensing System and Registry|Section 50152.

50152.  The commissioner shall report regularly violations of this division, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry, to the extent that information is public record.(Added by Stats. 2009, Ch. 160, Sec. 61. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50201 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50201.

50201.  (a) A licensee issued a license for purposes of making or servicing residential mortgage loans, including a licensee employing one or more mortgage loan originators, shall continuously maintain a minimum tangible net worth at all times of two hundred fifty thousand dollars ($250,000). The commissioner, in his or her discretion, may require a lender who engages in the activities described in paragraph (2) of subdivision (m) of Section 50003 to continuously maintain a minimum tangible net worth of an amount that is greater than two hundred fifty thousand dollars ($250,000), but that does not exceed the net worth required of an approved lender under the Federal Housing Administration.(b) Tangible net worth shall be computed in accordance with generally accepted accounting principles.(c) The commissioner may promulgate rules or regulations with respect to the requirements for minimum net worth, as are necessary to accomplish the purposes of this division and comply with the SAFE Act.(Amended by Stats. 2016, Ch. 797, Sec. 2. (SB 657) Effective January 1, 2017.)
CA Fin Code § 50203 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50203.

50203.  (a) A licensee may not require a borrower to pay fees or charges prior to the residential mortgage loan closing, except for:(1) Actual charges to be incurred by the licensee on behalf of the borrower for services from third parties necessary to process the application, such as credit reports, appraisals, flood certification, and tax service, and in transactions where these services are provided by the licensee, a charge not to exceed the prevailing market rate for the service.(2) An application fee.(3) A rate-lock fee, provided:(A) There is a written agreement signed by the borrower and licensee.(B) The terms of the agreement include, but are not limited to:(i) The expiration date of the rate-lock fee agreement.(ii) The principal amount of the mortgage loan, the term of the mortgage loan, and identification of the property.(iii) The initial interest rate and the discount (points) to be paid.(iv) The amount and payment term of the rate-lock fee along with a statement disclosing whether the fee is refundable and the terms and conditions necessary to obtain a refund.(C) The licensee demonstrates to the commissioner that it is able to perform under the terms of the agreement.(4) A commitment fee, upon approval of the residential mortgage loan application, provided:(A) The commitment is in writing and signed by the licensee and the borrower.(B) The commitment contains all of the following information:(i) The terms and conditions of the residential mortgage loan.(ii) The terms and conditions of the commitment, including, but not limited to, all of the following:(I) The time period during which the commitment is irrevocable and may be accepted by the borrower, which may not be less than three calendar days from the date of commitment or the date of mailing, whichever is later.(II) The amount and payment terms of the commitment fee, along with a statement disclosing whether the fee is refundable and the terms and conditions necessary to obtain a refund.(III) The expiration date of the commitment.(IV) Conditions precedent to closing.(b) If the licensee has performed its obligations under the law related to the transaction, fees or charges collected pursuant to this section, other than those collected pursuant to paragraphs (1) and (2) of subdivision (a), shall be refunded if a valid commitment or closing, respectively, does not occur, except that the licensee may retain appropriate fees upon the licensee’s demonstration to the commissioner that any of the following occurred:(1) The borrower withdrew the loan application.(2) The borrower made a material misrepresentation or omission on the loan application.(3) The borrower failed, after written request, to provide documentation necessary to the processing or closing of the loan application.(4) The closing failed to occur due solely to the fault of the borrower.(Amended by Stats. 1995, Ch. 564, Sec. 14. Effective January 1, 1996.)
CA Fin Code § 50204 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50204.

50204.  A licensee may not do any of the following:(a) Disburse the mortgage loan proceeds in a form other than direct deposit to the borrower’s or borrower’s designee’s account, wire, bank or certified check, ACH funds transfer, or attorney’s check drawn on a trust account. An entity may apply to the commissioner for a waiver of the requirements of this subdivision by demonstrating, in a letter application, that it has adopted or will adopt another method of disbursement of loan proceeds that will satisfy the purposes of this subdivision.(b) Fail to disburse funds in accordance with a commitment to make a mortgage loan that is accepted by the applicant.(c) Accept fees at closing that are not disclosed to the borrower on the federal HUD-1 Settlement Statement.(d) Commit an act in violation of Section 2941 of the Civil Code.(e) Obtain or induce an agreement or other instrument in which blanks are left to be filled in after execution.(f) Intentionally delay closing of a mortgage loan for the sole purpose of increasing interest, costs, fees, or charges payable by the borrower.(g) Engage in fraudulent home mortgage underwriting practices.(h) Make payment of any kind, whether directly or indirectly, to an in-house or fee appraiser of a government or private money lending agency, with which an application for a home mortgage has been filed, for the purpose of influencing the independent judgment of the appraiser with respect to the value of real estate that is to be covered by the home mortgage.(i) Engage in any acts in violation of Section 17200 or 17500 of the Business and Professions Code.(j) Knowingly misrepresent, circumvent, or conceal, through subterfuge or device, any material aspect or information regarding a transaction to which it is a party.(k) Do an act, whether of the same or a different character than specified in this section, that constitutes fraud or dishonest dealings.(l) Sell more than eight loans in a calendar year made under the authority of this license to a person who is not an institutional investor.(m) Commit an act in violation of Section 1695.13 of the Civil Code.(n) Make or service a loan that is not a residential mortgage loan under the authority of the license.(o) Commit an act in violation of Section 2948.5 of the Civil Code. Evidence of compliance with Section 2948.5 of the Civil Code may be evidenced by (1) a certification executed by the licensee, at no cost to the borrower, pursuant to Section 2015.5 of the Code of Civil Procedure, or (2) other evidence in the loan file acceptable to the commissioner.(p) Make or broker a loan that is offered by, negotiated by, or applied for through a mortgage loan originator who is not licensed in this state through the Nationwide Mortgage Licensing System and Registry, unless the mortgage loan originator is exempt from licensure.(Amended by Stats. 2009, Ch. 160, Sec. 65. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50205 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50205.

50205.  (a) A residential mortgage lender or servicer licensee shall maintain a surety bond in accordance with this subdivision. The bond shall be used for the recovery of expenses, fines, and fees levied by the commissioner in accordance with this division or for losses or damages incurred by borrowers or consumers as the result of a licensee’s noncompliance with the requirements of this division. The bond shall be payable when the licensee fails to comply with a provision of this division and shall be in the amount of fifty thousand dollars ($50,000), and may be increased by order of the commissioner to one hundred thousand dollars ($100,000) upon a determination by the commissioner that the licensee is not in compliance with any provision of this chapter or any rule or order adopted or issued by the commissioner to implement or enforce provisions of this chapter. The bond shall be payable to the commissioner and issued by an insurance company authorized to do business in this state. An original surety bond, including any and all riders and endorsements executed subsequent to the effective date of the bond, shall be filed with the commissioner within 10 days of its execution.(b) When an action is commenced on a licensee’s bond, the commissioner may require the filing of a new bond. Immediately upon the recovery of an action on the bond, the licensee shall file a new bond. Failure to file a new bond within 10 days of the recovery on a bond, or within 10 days after notification by the commissioner that a new bond is required, constitutes sufficient grounds for the suspension or revocation of the license.(c) The commissioner may by rule require a higher bond amount for a licensee employing one or more mortgage loan originators, based on the dollar amount of residential mortgage loans originated by that licensee and any mortgage loan originators employed by that licensee. Every mortgage loan originator employed by the licensee shall be covered by the surety bond.(Amended by Stats. 2009, Ch. 160, Sec. 66. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50206 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50206.

50206.  (a) Prior to a change of control of the business of a licensee, the person wishing to acquire control shall submit an application to the commissioner and pay an investigation fee of one hundred dollars ($100). The application shall contain the information that the commissioner, by rule, may prescribe as necessary to determine that the person meets the requirements of Section 50121.(b) The commissioner shall approve or disapprove the proposed change of control of a licensee in accordance with the provisions of Section 50126.(c) Upon notification by the commissioner that the change of control has been disapproved, the acquiring party shall immediately cease any activity subject to regulation under this division.(Amended by Stats. 2009, Ch. 160, Sec. 67. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50207 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50207.

50207.  (a) A license, along with any currently effective order of the commissioner approving use of a different name pursuant to Sections 50120 and 50130, shall be conspicuously posted in the place of business authorized by the license.(b) A license is not transferable or assignable. A license issued to a partnership or a limited partnership is not transferred or assigned within the meaning of this section by the death, withdrawal, or admission of a partner, general partner, or limited partner, unless the death, withdrawal, or admission dissolves the partnership to which the license was issued.(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Operative January 1, 1996.)
CA Fin Code § 50208 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50208.

50208.  The license shall state the name of the licensee. If the licensee is a partnership, the license shall state the names of its general partners. If the licensee is a corporation or an association, the license shall state the date and place of the corporation’s incorporation or organization. If the licensee is a residential mortgage lender or servicer, the license shall state the address of the licensee’s principal business location. The license shall state whether the licensee is licensed as a residential mortgage loan lender or servicer or as a mortgage loan originator.(Amended by Stats. 2009, Ch. 160, Sec. 68. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50209 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 4 - Financial Condition, Transaction and Bond Requirements|Section 50209.

50209.  The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or Internet Web sites, and any other documents as established by rule, regulation, or order of the commissioner.(Added by Stats. 2009, Ch. 160, Sec. 69. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50301 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 5 - Administration and Powers of the Commissioner|Section 50301.

50301.  Without limitation, the functions, powers, and duties of the commissioner include the following:(a) To issue or refuse to issue a license as provided by this division.(b) To revoke or suspend for cause any license as provided by this division.(c) To keep records of licenses issued under this division.(d) To receive, consider, investigate, and act upon complaints made in connection with a licensee.(e) To prescribe the forms of and receive (1) applications for licenses and (2) reports and books and records required to be made by a licensee under this division, including annual audited financial statements.(f) To subpoena documents and witnesses and compel their attendance and production, to administer oaths, and to require the production of books, papers, or other materials relevant to any inquiry authorized by this division.(g) To require information with regard to a license applicant that the commissioner may deem necessary, with regard for the paramount public interest in ascertaining the experience, background, honesty, truthfulness, integrity, and competency of the license applicant for financial transactions involving primary or subordinate mortgage financing, and if the license applicant is an entity other than an individual, in ascertaining the honesty, truthfulness, integrity, and competency of an officer or director of the corporation, association, or other entity, or the members of a partnership.(h) To enforce by order any provision of this division.(i) To levy fees, fines, and charges in an amount sufficient to cover the cost of the services performed in administering this division, as set forth by rule.(j) To appoint examiners, supervisors, experts, and special assistants as needed to effectively and efficiently administer this division.(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 § 50302 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 5 - Administration and Powers of the Commissioner|Section 50302.

50302.  (a) As often as the commissioner deems necessary and appropriate, but at least once every 48 months, the commissioner shall examine the affairs of each residential mortgage lender and servicer licensee for compliance with this division. The commissioner shall appoint suitable persons to perform the examination. The commissioner and his or her appointees may examine the books, records, and documents of the licensee, and may examine the licensee’s officers, directors, employees, or agents under oath regarding the licensee’s operations. The commissioner may cooperate with any agency of the state or federal government, other states, agencies, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation. The commissioner may accept an examination conducted by one of these entities in place of an examination by the commissioner under this law, unless the commissioner determines that the examination does not provide information necessary to enable the commissioner to fulfill his or her responsibilities under this division.(b) The commissioner shall provide a written statement of the findings of the examination, issue a copy of that statement to each licensee’s principals, officers, or directors, and take appropriate steps to ensure correction of any violations of this division.(c) Affiliates of a licensee are subject to examination by the commissioner on the same terms as the licensee, but only when reports from, or examination of, a licensee provides documented evidence of unlawful activity between a licensee and affiliate benefiting, affecting, or arising from the activities regulated by this division.(d) The residential mortgage lender or servicer licensee shall pay, and the commissioner shall assess, the reasonable expenses of any examination of the licensee and affiliates, consistent with the requirements of subdivision (c) of Section 50314.(e) The statement of the findings of an examination shall belong to the commissioner and shall not be disclosed to anyone other than the licensee, law enforcement officials, or other state or federal regulatory agencies for further investigation and enforcement. Reports required of licensees by the commissioner under this division and results of examinations performed by the commissioner under this division are the property of the commissioner.(Amended by Stats. 2009, Ch. 160, Sec. 70. (SB 36) Effective October 11, 2009.)
CA Fin Code § 50303 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 5 - Administration and Powers of the Commissioner|Section 50303.

50303.  Neither the commissioner nor any employee of the Department of Business Oversight shall be precluded from obtaining a residential mortgage loan from a lender licensed under this division, subject to the rules that may be adopted hereunder or pursuant to other proper authority.(Amended by Stats. 2015, Ch. 190, Sec. 55. (AB 1517) Effective January 1, 2016.)
CA Fin Code § 50304 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 5 - Administration and Powers of the Commissioner|Section 50304.

50304.  The commissioner may, from time to time, make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of this law, including rules and forms governing applications and reports, and defining any terms, whether or not used in this law, provided that the definitions are consistent with the provisions of this law. For the purposes of rules and forms, the commissioner may classify loans, persons, and matters within the jurisdiction of the commissioner, and may prescribe different requirements for different classes. The commissioner may, in his or her discretion, waive a requirement of a rule or form if, in the opinion of the commissioner, the requirement is not in the public interest or necessary for the protection of borrowers or investors.(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 § 50305 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 5 - Administration and Powers of the Commissioner|Section 50305.

50305.  Upon written request from the commissioner, a licensee shall forward authorization to release workpapers of the licensee’s independent auditor to the commissioner within two business days of receiving the request.(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 § 50306 (2021)
2021 California Code|Financial Code - FIN|DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT|CHAPTER 5 - Administration and Powers of the Commissioner|Section 50306.

50306.  The commissioner may order a licensee that opens a branch office in this state or changes its business location or its locations from which activities subject to this law are conducted, without first notifying the commissioner in writing, as required by Section 50124, to forfeit to the people of the state up to one hundred dollars ($100) each day for the first 10 days and ten dollars ($10) for each day thereafter during which the branch office or changed location is maintained without notifying the commissioner.(Amended by Stats. 1998, Ch. 178, Sec. 3. Effective January 1, 1999.)