reglab/statecodes huggingface dataset:
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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).)
2023 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.)
2023 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 Financial Protection and Innovation 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. 2022, Ch. 452, Sec. 160. (SB 1498) Effective January 1, 2023.)
2023 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).)
2023 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).)
2023 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.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50307.

50307. (a) Each residential mortgage lender or servicer licensee shall file a report with the commissioner annually, on or before the first day of March, giving the relevant information that the commissioner reasonably requires to make the calculation required by subdivision (a) of Section 50401. The report shall be made under oath and in the form prescribed by the commissioner.
(b) A licensee shall make any other special reports to the commissioner that the commissioner may, from time to time, require.
(c) If any licensed residential mortgage lender or servicer subject to this division fails to make a report required by law or by the commissioner, the commissioner may immediately cause the books, records, papers, and affairs of that licensee to be thoroughly examined.
(Amended by Stats. 2009, Ch. 160, Sec. 71. (SB 36) Effective October 11, 2009.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50307.1.

50307.1. The commissioner may, as the commissioner deems necessary, require licensees to provide reports concerning their residential mortgage loan servicing activities, including, but not limited to, information similar to that collected in connection with the Mortgage Servicers Survey, first published by the Department of Financial Protection and Innovation in December 2007. The commissioner is additionally authorized to seek and accept information provided on a voluntary basis by residential mortgage loan servicers not subject to the commissioner’s jurisdiction. The commissioner shall post only aggregated survey results on the department’s internet website, and shall note the number of loan servicers submitting data included in the aggregated totals and the estimated percentage of outstanding mortgage loans to Californians that are serviced by these loan servicers, to the extent information on the number of outstanding loans is available from a reliable source. Nothing in this section is intended to reduce or change the commissioner’s authority to request and demand reports under Section 50307.
(Amended by Stats. 2022, Ch. 452, Sec. 161. (SB 1498) Effective January 1, 2023.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50307.2.

50307.2. The commissioner may require a licensee that employs one or more mortgage loan originators to submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require.
(Added by Stats. 2009, Ch. 160, Sec. 72. (SB 36) Effective October 11, 2009.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50308.

50308. If any person engaged in the business regulated by this division refers in any advertising to rates of interest, charges, or costs of loans, the commissioner shall require that they are stated fully and clearly in the manner that he or she deems necessary to give adequate information to prospective borrowers. If the rates or costs advertised do not apply to loans of all classes made or negotiated by that person, this fact shall be clearly indicated in the advertisement. Compliance with the requirements of the federal Truth in Lending Act and Regulation Z promulgated thereunder is presumed to satisfy the requirements of this section.
(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50309.

50309. The commissioner may require licensees to maintain a file of all advertising copy for a period of 90 days from the date of its use. The file shall be available to the commissioner upon request.
(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50310.

50310. Nothing in this law shall preclude a person, other than a mortgage loan originator, whose license has been suspended or revoked, summarily or otherwise, from continuing to service residential mortgage loans pursuant to servicing contracts in existence at the time of the suspension for a reasonable transition period, as determined by the commissioner, after the date of the entry of the final decision in the case suspending or revoking the license.
(Amended by Stats. 2009, Ch. 160, Sec. 72.5. (SB 36) Effective October 11, 2009.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50311.

50311. Nothing in this law shall preclude a person whose license has been suspended or revoked, summarily or otherwise, from making a residential mortgage loan pursuant to a commitment issued by that person prior to the suspension or revocation. A prospective borrower who received a commitment issued by a person whose license has been suspended or revoked may, prior to the closing of the loan, terminate the commitment and receive a refund of all money paid to that person.
(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50312.

50312. The commissioner, in his or her discretion, may honor requests from interested persons for interpretive opinions.
(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50313.

50313. In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50314.

50314. (a) Every person subject to this division shall keep documents and records that will properly enable the commissioner to determine whether the residential mortgage lending or residential mortgage loan servicing functions performed by that person comply with the provisions of this division and with all rules and orders made by the commissioner under this division. Upon request of the commissioner, residential mortgage lenders and residential mortgage loan servicers shall file an authorization for disclosure to the commissioner of financial records of the licensed business pursuant to Section 7473 of the Government Code.
(b) (1) The business documents and records of every residential mortgage lender or residential mortgage loan servicer, whether required to be licensed under this division or not, are subject to inspection and examination by the commissioner at any time without prior notice. The provisions of this subdivision shall not apply to persons specified in subdivision (g) of Section 50003.
(2) Any person subject to this division shall, upon request and within the time specified in the request, allow inspection and copying of any documents and records by the commissioner or the commissioner’s authorized representative.
(c) (1) The cost of every inspection and examination of a licensee or other person subject to this division shall be paid to the commissioner by the licensee or person examined, and the commissioner may maintain an action for the recovery of these costs in any court of competent jurisdiction. In determining the cost of any inspection or examination, the commissioner may use the estimated average hourly cost, including overhead, for all persons performing inspections or examinations of licensees or other persons subject to this division for the fiscal year.
(2) For the purpose of this subdivision only, no person other than a licensee shall be deemed to be a person subject to this division unless and until the person is determined to be a person subject to this division by an administrative hearing in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, or by a judicial hearing in any court of competent jurisdiction.
(d) Investigation and examination reports prepared by the commissioner’s duly designated representatives are not public reports. Those reports may be disclosed to the officers or directors of a licensee that is the subject of the report for the purpose of corrective action by the officers or directors. That type of disclosure shall not operate as a waiver of the exemption specified in Section 7929.000 of the Government Code.
(Amended by Stats. 2021, Ch. 615, Sec. 116. (AB 474) Effective January 1, 2022. Operative January 1, 2023, pursuant to Sec. 463 of Stats. 2021, Ch. 615.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50315.

50315. (a) The commissioner may refer the evidence that is available concerning any violation of this law or of any rule or order adopted under this division to the district attorney of the county in which the violation occurred. The district attorney may, with or without the commissioner’s referral, institute criminal proceedings under this law. The commissioner and his or her counsel, deputies, or assistants may, upon request of the district attorney, assist the district attorney in presenting the law or facts at the trial.
(b) After an examination, investigation, or hearing under this division, if the commissioner deems it of public interest or advantage, he or she may certify a record to the proper prosecuting official of the county or city in which the act complained of, examined, or investigated occurred.
(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50316.

50316. (a) For any licensee, a disciplinary action taken by the State of California, another state, any agency of the federal government, or another country for any action substantially related to the activity regulated under this law may be a ground for disciplinary action by the commissioner. A certified copy of the record of the disciplinary action taken against a licensee by the State of California, another state, any agency of the federal government, or another country shall be conclusive evidence of the events related therein.
(b) Nothing in this section shall preclude the commissioner from applying a specific statutory provision in this division providing for discipline against a licensee as a result of disciplinary action taken against a licensee by the State of California, another state, an agency of the federal government, or another country.
(Amended by Stats. 1998, Ch. 178, Sec. 4. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50316.5.

50316.5. Notwithstanding any other law, any application for licensure, amendment to the application or registration document or notice filed under any of the laws administered by the Department of Financial Protection and Innovation, or record otherwise required to be filed in this state as an electronic record pursuant to a nationwide central depository for information regarding licensees, including mortgage loan originators, or any electronic record filed through the Nationwide Mortgage Licensing System and Registry, shall be deemed to be a valid original document upon reproduction to paper form by the Department of Financial Protection and Innovation.
(Amended by Stats. 2022, Ch. 452, Sec. 162. (SB 1498) Effective January 1, 2023.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50319.

50319. (a) If the commissioner, as a result of any examination or from any report made to him or her, shall find that any person subject to this division is in an insolvent condition, is conducting business in an unsafe or injurious manner that renders further operations hazardous to the public or to customers, has failed to comply with the provision of Section 50317, has permitted its tangible net worth to be lower than the minimum required by law, or has failed to comply with the bonding requirements of Section 50205, the commissioner may, by an order addressed to and served by registered or certified mail, or by personal service on that person, and on any other person having in his or her possession or control any trust funds or other property deposited in escrow with that person, direct discontinuance of the disbursement, in whole or in part, of trust funds held by the licensee and order the establishment of a separate trust account for all subsequent trust funds received by the licensee. No person having in his or her possession any of these funds or documents shall be liable for failure to comply with the order unless he or she has received written notice of the order. Subject to subdivision (b), the order shall remain in effect until set aside by the commissioner, or the person is the subject of an order for relief in bankruptcy.
(b) Within 15 days from the date of an order pursuant to subdivision (a), the person may request a hearing under the Administrative Procedure Act (Chapter 5 (commencing with Section 11500) of Part 2 of Division 3 of Title 2 of the Government Code). Upon receiving a request, the matter shall be set for hearing to commence within 30 days after the receipt unless the person subject to this division consents to a later date. If no hearing is requested within 15 days after the mailing or service of the notice and none is ordered by the commissioner, the failure to request a hearing shall constitute a waiver of the right to a hearing. Neither the request for a hearing nor the hearing itself shall stay the order issued by the commissioner under subdivision (a).
(Amended by Stats. 2009, Ch. 500, Sec. 44. (AB 1059) Effective January 1, 2010.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50320.

50320. Whenever, in the opinion of the commissioner, a person is engaged, either actually or through subterfuge, in the business of making residential mortgage loans, servicing residential mortgage loans, or engaging in business as a mortgage loan originator, without a license from the commissioner, the commissioner may order that person to desist and refrain. If, within 30 days after an order is served, a request for a hearing is filed in writing and the hearing is not held within 60 days of the filing, the order is rescinded. This section does not apply to persons exempted under subdivision (b) of Section 50002.
(Amended by Stats. 2009, Ch. 160, Sec. 75. (SB 36) Effective October 11, 2009.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50321.

50321. If, after investigation, the commissioner has reasonable grounds to believe that any licensee is violating or has violated its articles of incorporation or any law or rule binding upon it, the commissioner shall, by written order addressed to the licensee, direct the discontinuance of the violation. The order shall be effective immediately, but shall not become final except in accordance with the provisions of Section 50323.
(Amended by Stats. 2022, Ch. 188, Sec. 18. (AB 2433) Effective January 1, 2023.)
2023 California Code › Financial Code - FIN › DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT › CHAPTER 5 - Administration and Powers of the Commissioner › Section 50322.

50322. If, after investigation, the commissioner has reasonable grounds to believe that any licensee is conducting or has conducted business in an unsafe or injurious manner, the commissioner shall, by written order addressed to the licensee, direct the discontinuance of the unsafe or injurious practices. The order shall be effective immediately, but shall not become final except in accordance with the provisions of Section 50323.
(Amended by Stats. 2022, Ch. 188, Sec. 19. (AB 2433) Effective January 1, 2023.)