California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 1 - General Provisions › Section 1404 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following terms used in subchapter 6 of these rules
					 shall have (unless the context otherwise indicates) the following
					 meanings:
(a) "Call report" or "NMLS
				  Mortgage Call Report" means a report of condition on the company and its
				  operations including financial statements and production activity
				  volumes.
(b) "Company" includes all
				  domestic and foreign private corporations, limited liability companies, joint
				  ventures, associations, syndicates, joint stock companies, partnerships of
				  every kind, unincorporated organizations, government or political subdivisions
				  of a government, trustees and individuals.
(c) "Department" means the Department of
				  Financial Protection and Innovation of the State of California.
(d) "Finance company" means a finance lender
				  or broker subject to the California Financing Law.
(e) "Law" or "Code" means the California
				  Financing Law.
(f) "Mortgage
				  lender" or "mortgage broker" or "mortgage lender and broker" means a finance
				  company who makes, brokers, or services residential mortgage loans and who is
				  required to be licensed pursuant to section
				  22100 of the Code.
(g) "Form MU1" means the uniform licensing
				  form, entitled "NMLS Company Form," developed by the Nationwide Multistate
				  Licensing System and Registry for use by a company or sole proprietor to apply
				  for and maintain licensure by a state through NMLS. Version 11.0, dated
				  9/12/2015, is hereby incorporated by reference in its entirety.
(h) "Form MU2" means the uniform licensing
				  form, entitled "NMLS Individual Form," developed by the Nationwide Multistate
				  Licensing System and Registry for background information about individuals who
				  own or control the activities of an applicant or licensee. Version 9, dated
				  9/12/16, is hereby incorporated by reference in its entirety.
(i) "Form MU3" means the uniform licensing
				  form, entitled "NMLS Branch Form," developed by the Nationwide Multistate
				  Licensing System and Registry for an applicant or a licensee under Form MU1 to
				  apply for or maintain a branch office through NMLS. Version 10, dated 3/31/14,
				  is hereby incorporated by reference in its entirety.
(j) "Form MU4" means the uniform licensing
				  form developed by the Nationwide Multistate Licensing System and Registry for
				  an individual mortgage loan originator license or registration, entitled
				  "Uniform Individual Mortgage License/Registration & Consent
				  Form."
(k) "NMLS" means the
				  Nationwide Multistate Licensing System and Registry.
(l)
(1) If
				  the applicant or licensee is a finance company, "outstanding interests" means
				  equity interests in a finance company (if the applicant or the licensee is a
				  partnership) that have the power to:
(1) vote
				  to elect or direct the management of the applicant or the finance company,
				  or
(2) conduct or manage the lending
				  activities of the finance company. The term "outstanding interests" does not
				  include:
(i) an equity interest in the
				  partnership which represents only an economic interest such as a right to
				  receive income and other distributions from the partnership, or
(ii) an equity interest which does not give
				  the owner or holder the right or ability, directly or indirectly, to elect or
				  direct management of the applicant or the finance company, or
(iii) equity interests where the owner or
				  holder of such interests have entered into a written agreement whereby any
				  right to vote such equity interests are disclaimed (such as an undertaking that
				  any vote will mirror management's vote or the vote of the rest of the finance
				  company's equity interests) or relinquished such that the owner or holder of
				  such equity interests cannot, directly or indirectly, elect officers,
				  directors, or management or otherwise direct, conduct or manage the lending
				  activities of the applicant or finance company.