reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.3 - Debt Collection Licensing Act › Article 5 - Surrender of License › Section 1850.60 - Effectiveness of License for Debt Collector

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A license issued under the Debt Collection Licensing Act is
					 effective until it is revoked or suspended by the Commissioner, or surrendered
					 by the licensee and the surrender has been accepted by the Commissioner
					 pursuant to Section 100014 of the Financial Code and Section 1850.61 of these
					 rules.
Note: Authority cited: Section 100003, Financial Code.
						Reference: Sections 100014 and 100022, Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.3 - Debt Collection Licensing Act › Article 5 - Surrender of License › Section 1850.61 - Surrender of License as a Debt Collector

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  application to surrender a license as a debt collector shall be filed on Form
				  MU1, MU2, and MU3 as applicable with NMLS in accordance with the procedures for
				  transmission to the Commissioner.
(b) Prior to surrendering its license, the
				  debt collector shall file with the commissioner through NMLS a plan containing
				  the licensee's detailed proposal for the orderly closure of its debt collection
				  business, including a detailed description of the plan to close out or transfer
				  the licensee's debt collection files; the name and contact information of the
				  person taking over the licensee's debt collection files, if applicable; and the
				  time frame within which the closure or transfer will be completed. Surrender
				  shall not be effective until approved by the Commissioner.
Note: Authority cited: Section 100003, Financial Code.
						Reference: Sections 100006.3, 100014 and 100022, Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122 - Electronic Filings

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  DESIGNATION: The Commissioner designates the Nationwide Mortgage Licensing
				  System (NMLS) owned and operated by the State Regulatory Registry LLC (SRR), a
				  wholly-owned subsidiary of the Conference of State Bank Supervisors (in
				  cooperation with the American Association of Residential Mortgage Regulators)
				  to receive and store filings, obtain fingerprints, obtain credit reports, and
				  collect related fees from applicants and state-licensed residential mortgage
				  lenders, mortgage servicers, residential mortgage lender and servicers, and
				  mortgage loan originators on behalf of the Commissioner.
(b) USE OF NMLS: All residential mortgage
				  lender, mortgage servicer, residential mortgage lender and servicer, and
				  mortgage loan originator applications, amendments, reports, notices, related
				  filings, renewals, authorizations, and fees required to be filed with the
				  Commissioner shall be filed electronically with and transmitted to NMLS, except
				  as otherwise indicated in Subchapter 11.5 of these rules. The following
				  conditions relate to such electronic filings:
(1) Electronic Signature: When a signature or
				  signatures are required by the particular instructions of any filing, including
				  any attestation to be made through NMLS, a duly authorized officer or proper
				  delegate of the applicant or the applicant him or herself, as required, shall
				  affix his or her electronic signature to the filing by typing his or her name
				  in the appropriate field and submitting the filing to the Commissioner through
				  NMLS. Submission of a filing in this manner shall constitute irrefutable
				  evidence of legal signature by any individual making the filing.
(2) When filed: Solely for purposes of a
				  filing made through NMLS, unless otherwise specified, a document is considered
				  filed with the Commissioner when all fees are received and the filing is
				  transmitted by NMLS to the Commissioner.
(3) An applicant shall provide through NMLS
				  the necessary authorizations so that NMLS may obtain independent credit
				  reports, fingerprinting and criminal background checks.
(4) Any documents required to be filed with
				  the Commissioner that is not permitted to be filed with or cannot be
				  transmitted through NMLS shall be filed in paper form directly with the
				  Commissioner.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.2 - Notice of Officers, Directors, Partners, "Control" Persons, Managers, Members, Trustees and Employees

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The notice to accompany the filing of an
				  individual's fingerprints required in the following circumstances shall be made
				  on the form set forth in subsection (c) of this rule:
(1) In compliance with the requirements for a
				  license application in Section
				  1950.122.4 of Subchapter 11.5 of
				  these rules;
(2) In compliance with
				  the requirements for filing an application for change of control (Rule
				  1950.206);
(3) In compliance with
				  Section 50317(a) of the
				  Code for an officer, director, partner, shareholder controlling 10 percent or
				  more of the ownership interests or trustee of a licensed residential mortgage
				  lender, residential mortgage lender and servicer, or residential mortgage loan
				  servicer whose office, employment, ownership interest or other participation in
				  the licensed business commenced after January 1, 1995; or
(4) In compliance with the requirements of
				  Rule 1950.301 for certain employees.
(5) For purposes of this section, an
				  individual who has submitted fingerprints through NMLS as part of the
				  application for a mortgage loan originator license is not required to submit an
				  additional set of fingerprints under this rule.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.2.1 - Officers, Directors, Partners, and Other Persons: Maintenance of Current List with Commissioner: Information Required

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer shall at all times
				  maintain on file with NMLS in accordance with its procedures for transmission
				  to the Commissioner, a current list of officers, directors, and partners in the
				  case of a partnership, and other persons named in the Forms MU1, MU2, MU3, and
				  MU4, as applicable. In the event of any change in the officers, directors,
				  partners, or other persons named in the application, other than transfers
				  between branch offices, a residential mortgage lender, mortgage servicer, or
				  residential mortgage lender and servicer shall file with NMLS in accordance
				  with its procedures for transmission to the Commissioner, an amendment to the
				  application containing the same information in relation to such new person(s)
				  as is required in the Forms MU1, MU2, MU3, and MU4.
1. New
					 section filed 4-1-2010 as an emergency; operative 7-31-2010 (Register 2010, No.
					 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. Editorial correction of HISTORY 1 (Register 2010, No.
					 40).
3. New section refiled 9-28-2010 as an emergency, including
					 repealer of subsection (b); operative 9-28-2010 (Register 2010, No. 40). A
					 Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency
					 language will be repealed by operation of law on the following
					 day.
4. New section refiled 12-23-2010 as an emergency; operative
					 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be
					 transmitted to OAL by 3-23-2011 or emergency language will be repealed by
					 operation of law on the following day.
5. Certificate of Compliance
					 as to 12-23-2010 order transmitted to OAL 3-14-2011 and filed 4-25-2011
					 (Register 2011, No. 17).
Note: Authority cited: Sections
						50140,
						50146 and
						50304,
						Financial Code. Reference: Section
						50146,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.3 - Similar Names

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A residential mortgage lender or residential mortgage loan
					 servicer shall not engage in the residential mortgage lending or residential
					 mortgage loan servicing business under a name similar to the name of any other
					 residential mortgage lender or residential mortgage loan servicer which is
					 deceptively similar and likely to cause confusion among the borrowing
					 public.
1. New
					 section filed 11-25-96; operative 12-25-96 (Register 96, No.
					 48).
Note: Authority cited: Sections
						50122(b)(7)
						and
						50304,
						Financial Code. Reference: Sections
						50124,
						50207,
						50208 and
						50301,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.4 - License Application for Residential Mortgage Lender, Mortgage Servicer, and Residential Mortgage Lender and Servicer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The procedures set forth in this section are applicable to
					 a person who is required to be licensed pursuant to Section
					 50002 of the Code as a residential
					 mortgage lender, mortgage servicer, or as a residential mortgage lender and
					 servicer. The application for a license as a residential mortgage lender,
					 mortgage servicer, or residential mortgage lender and servicer shall be filed
					 as follows:
(a) INITIAL APPLICATION:
				  The application for a license as a residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer under subdivision (a) of
				  Section 50002 of the Code and any
				  amendment to such application shall be filed upon Form MU1 (Uniform Mortgage
				  Lender/Mortgage Broker Form) and any exhibits, in accordance with the
				  instructions of NMLS for transmission to the Commissioner. Exhibits that cannot
				  be submitted through NMLS shall be submitted directly to the Commissioner. The
				  notices set forth in Section
				  1950.122.8 of Subchapter 11.5 of
				  these rules are part of every application. An applicant shall provide the
				  following information, exhibits and documentation in the manner provided:
(1) An applicant shall identify all
				  fictitious business names on Form MU1.
(A)
				  For each fictitious business name, an applicant shall submit directly to the
				  Commissioner a Fictitious Business Name Statement bearing the seal of the
				  county clerk.
(B) An applicant may
				  not use a fictitious business name until the Commissioner approves the use of
				  the name. An applicant may not permit a mortgage loan originator sponsored by
				  the applicant or a branch office to use any name not approved by the
				  Commissioner.
(C) Every applicant
				  and licensee shall comply with the rules governing the filing of a fictitious
				  business name set forth in Business and Professions Code Section
				  17900
				  et seq.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.4.1 - Branch Office Instructions for Residential Mortgage Lenders, Mortgage Servicers, and Residential Mortgage Lenders and Servicers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer that seeks to engage in
				  business at an additional location must submit an application for a branch
				  office by submitting Form MU3 (Uniform Mortgage Branch Office Form) in
				  accordance with the instructions of NMLS for transmission to the Commissioner
				  at least ten days (10) before engaging in business at the location.
(b) An applicant that intends to conduct
				  business at the branch office under a fictitious business name not already
				  approved by the Commissioner shall submit a copy of the Fictitious Business
				  Name Statement with the "filed stamp" from the county clerk's office and may
				  not use the name until the Commissioner approves the use of the name.
(c) An applicant shall indicate the branch
				  manager as a branch manager on the Form MU3 and submit to NMLS a Form MU2
				  (Biographical Statement & Consent Uniform Mortgage Lender/Mortgage Broker
				  Form) for each branch manager.
(d)
				  The Commissioner may request additional information, documentation or detail
				  pertaining to the branch office application be filed directly with the
				  Commissioner.
(e) Application,
				  investigation, and criminal history background check fees shall be paid by the
				  applicant or licensee to NMLS for transmission to the Commissioner. Any
				  applicable fees that cannot be paid through NMLS shall be paid directly to the
				  Commissioner. Fees are not refundable.
1. New
					 section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No.
					 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. New section refiled 9-28-2010 as an emergency; operative
					 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be
					 transmitted to OAL by 12-27-2010 or emergency language will be repealed by
					 operation of law on the following day.
3. New section refiled
					 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A
					 Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency
					 language will be repealed by operation of law on the following
					 day.
4. Certificate of Compliance as to 12-23-2010 order, including
					 amendment of NOTE, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments
					 operative 5-25-2011 (Register 2011, No. 17).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						50124,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.4.2 - Certain Residential Mortgage Lenders and Servicers Not Exempt from Licensure

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  A nondepository lender or servicer that engages in the business of mortgage
				  lending or servicing in this state is not exempt from licensure under
				  subdivision (c)(1), (2), or (3) of section
				  50002 of
				  the Financial Code unless that nondepository lender or servicer is a bank,
				  trust company, insurance company, or industrial loan company doing business
				  under the authority of, or in accordance with, a license, certificate or
				  charter as provided in subdivision (c)(1) of Financial Code section
				  50002; a
				  federally chartered savings and loan association, federal savings bank, or
				  federal credit union that is authorized to transact business in this state; or
				  a savings and loan association, savings bank, or credit union organized under
				  the law of this or any other state that is authorized to transact business in
				  this state.
(b) For purposes of
				  this section, nondepository "lender or servicer" means a lender as defined in
				  subdivision (m) of section
				  50003 of
				  the Financial Code or a mortgage servicer as defined in subdivision (q) of
				  section
				  50003 of
				  the Financial Code, and the lender or mortgage servicer is also (1) a bank
				  holding company or subsidiary of a bank holding company, as defined in chapter
				  17 of title 12 of the United States Code (commencing with section
				  1841), (2) a savings and loan
				  holding company or a subsidiary of a savings and loan holding company, as
				  defined in section
				  10 of the Home Owners' Loan Act
				  (12 U.S.C. §
											1467a), or (3) a subsidiary of a bank, trust
				  company, savings association or credit union, where the terms "bank," "trust
				  company," "savings association" and "credit union" have the definitions
				  ascribed to such terms in chapter 1 of division 1 of the Financial Code, and
				  the term "subsidiary" means a subsidiary as defined in title 10, section
				  10.170 of the California Code of
				  Regulations. For avoidance of doubt, the term "bank" includes a national bank,
				  as such term is defined in section
				  189 of the
				  Financial Code, and the term "savings association" includes a federal savings
				  association or federal savings bank that is chartered under section
				  5 of the Home Owners' Loan Act
				  (12 U.S.C. §
											1464).
(c) This section shall become operative 180
				  days after the effective date of this section.
1. New
					 section filed 12-4-2015; effective 4-1-2016; operative 9-28-2016 pursuant to
					 Government Code section
					 11343.4(b)(2)
					 (Register 2015, No. 49).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Sections
						50002 and
						50003,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.5 - Mortgage Loan Originator Application Procedures

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) ESTABLISHING A RELATIONSHIP IN NMLS: A
				  licensed residential mortgage lender, mortgage servicer, or residential
				  mortgage lender and servicer shall sponsor in NMLS each mortgage loan
				  originator employed by it. To sponsor a mortgage loan originator, a residential
				  mortgage lender, mortgage servicer, or residential mortgage lender and servicer
				  applicant or licensee must:
(1) Obtain a
				  unique identifier through NMLS,
(2)
				  Obtain for its records, evidence that each mortgage loan originator meets the
				  qualification requirements of Section
				  1950.122.5.1 of Subchapter 11.5 of
				  these rules, and
(3) Ascertain (by
				  investigation) the character, business reputation and experience of any
				  individual mortgage loan originator, prior to executing any transaction on
				  behalf of the residential mortgage lender, mortgage servicer, or residential
				  mortgage lender and servicer. Evidence of compliance with this paragraph shall
				  be maintained as a part of the records of the licensee as required by Section
				  1950.314.4 of Subchapter 11.5 of
				  these rules.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.5.1 - Qualifications of Mortgage Loan Originator Applicants

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Every applicant for a mortgage loan originator license
					 shall meet the requirements of this section.
(a) QUALIFIED WRITTEN TEST: Every 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. The qualified written test
				  shall consist of:
(1) the national component
				  and the California state component; or
(2) the national component and the uniform
				  state test; or
(3) the national
				  component with uniform state content.
An applicant shall abide by the rules, policies and
					 procedures of the Nationwide Mortgage Licensing System and Registry in the
					 administration of the test.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.5.2 - Evidence of Financial Responsibility

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The Commissioner's finding required by
				  subdivision (c) of Section
				  50141 of the California
				  Residential Mortgage Lending Act relates to any matter, personal or
				  professional, that may impact upon an applicant's propensity to operate
				  honestly, fairly, and efficiently when engaging in the role of a mortgage loan
				  originator.
(b) An applicant for a
				  mortgage loan originator license shall authorize NMLS to obtain the applicant's
				  current credit report. The credit report will be used as needed to validate the
				  applicant's responses to the electronic application form, in order to support
				  the Commissioner's finding required by subdivision (c) Section
				  50141 of the California
				  Residential Mortgage Lending Act.
(c) An applicant may be precluded from
				  obtaining a mortgage loan originator license where his or her personal history
				  includes:
(1) Any liens or judgments for
				  fraud, misrepresentation, dishonest dealing, and/or mishandling of trust funds,
				  or
(2) Other liens, judgments, or
				  financial or professional conditions that indicate a pattern of dishonesty on
				  the part of the applicant.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.5.3 - Continuing Education and Renewal Procedures for Mortgage Loan Originators

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A mortgage loan
				  originator license shall be renewed on an annual basis between November 1 and
				  December 31. A license not renewed during the specified time period shall be
				  deemed a lapsed or expired license. A mortgage loan originator with a lapsed or
				  expired license may not engage in business as a mortgage loan originator until
				  the mortgage loan originator's license is reinstated pursuant to Section
				  1950.122.5.4 of Subchapter 11.5 of
				  these rules.
(b) To renew a license
				  under subsection (a) of this rule, a licensed mortgage loan originator shall
				  pay a renewal fee ($300), comply with all submission requests by the
				  Commissioner, and complete at least eight hours of NMLS approved continuing
				  education on or before December 31st of every year, which shall include 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, and
(4) One hour of training related to relevant
				  California law and regulations.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.5.4 - Reinstatement of License as a Mortgage Loan Originator

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A mortgage loan originator license that
				  has not been renewed between November 1 and December 31 is a lapsed or expired
				  license. A mortgage loan originator with a lapsed or expired license is not
				  authorized to continue doing business as a mortgage loan originator unless his
				  or her license is reinstated.
(b) A
				  mortgage loan originator may reinstate an expired license if the following
				  conditions are met:
(1) The mortgage loan
				  originator must submit a request for reinstatement through NMLS after December
				  31 and before March 1 of the year immediately following the year the license
				  expired.
(2) All continuing
				  education courses and any other minimum requirements for the license renewal
				  for the year in which the license expired must be completed before March 1
				  following the year the license expired.
(3) The mortgage loan originator must pay the
				  applicable license renewal fee ($300), reinstatement fee ($100), and any late
				  fees or penalties. As of January 1, 2011, the mortgage loan originator must pay
				  the applicable licensing fee ($300), reinstatement fee ($100), and any late
				  fees or penalties.
(4) The mortgage
				  loan originator must continue to meet minimum standards for renewal in Section
				  50141 of the
				  Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.6 - Supervision of Mortgage Loan Originators

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Every residential mortgage lender,
				  mortgage servicer, or residential mortgage lender and servicer shall exercise
				  diligent supervision over the mortgage loan origination, lending and servicing
				  activities of every mortgage loan originator that it sponsors.
(b) Every mortgage loan originator employed
				  by a residential mortgage lender, mortgage servicer, or residential mortgage
				  lender and servicer shall be subject to the supervision of a branch manager
				  designated by such residential mortgage lender, mortgage servicer, or
				  residential mortgage lender and servicer. Every branch manager shall be
				  identified on Form MU3 and shall submit a Form MU2 to NMLS.
(c) Every residential mortgage lender,
				  mortgage servicer, or residential mortgage lender and servicer that sponsored a
				  mortgage loan originator shall establish, maintain, and enforce written
				  procedures, a copy of which shall be kept in each business office, that set
				  forth the procedures adopted by the residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer to comply with the duties
				  imposed by this section.
(d) Every
				  residential mortgage lender, mortgage servicer, and residential mortgage lender
				  and servicer shall designate a Supervisor, an individual, who shall:
(1) Supervise and periodically review the
				  activities of the branch managers designated pursuant to subsection (b) of this
				  section; and
(2) Periodically
				  inspect each business office of the residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer to ensure that the
				  written procedures are enforced.
(3) In the event a residential mortgage
				  lender, mortgage servicer, and residential mortgage lender and servicer does
				  not have any branches offices, the supervisor shall directly supervise and
				  review the activities of the mortgage loan originators.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.7 - Statement of Citizenship, Alienage, and Immigration Status

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any individual (e.g. sole proprietor or mortgage loan
					 originator) who is applying for any license under the California Residential
					 Mortgage Lending Act shall file the Statement of Citizenship, Alienage, and
					 Immigration Status and any accompanying documentation directly with the
					 Commissioner in accordance with Sections
					 250.60 and
					 250.61 of Article 5 of Subchapter
					 1 of these rules.
1. New
					 section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No.
					 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. New section refiled 9-28-2010 as an emergency; operative
					 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be
					 transmitted to OAL by 12-27-2010 or emergency language will be repealed by
					 operation of law on the following day.
3. New section refiled
					 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A
					 Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency
					 language will be repealed by operation of law on the following
					 day.
4. Certificate of Compliance as to 12-23-2010 order, including
					 amendment of NOTE, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments
					 operative 5-25-2011 (Register 2011, No. 17).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Sections
						50122,
						50130 and
						50140,
						Financial Code; and 8 U.S.C.
						Sections 1621,
						1641 and
						1642.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.10 - Effectiveness of Residential Mortgage Lender, Mortgage Servicer, Residential Mortgage Lender and Servicer, and Mortgage Loan Originator Licenses

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A license as a
				  residential mortgage lender, mortgage servicer or residential mortgage lender
				  and servicer under Section
				  50002 of the Code continues in
				  effect until it is revoked, terminated, or suspended by the Commissioner, or
				  surrendered by the residential mortgage lender, mortgage servicer, or
				  residential mortgage lender and servicer and the surrender has been accepted by
				  the Commissioner pursuant to Section
				  50123 of the Code.
(b) A license as a mortgage loan originator
				  under Section
				  50140 of the Code shall be renewed
				  on an annual basis in accordance with Section
				  1950.122.5.3 of Subchapter 11.5 of
				  these rules. The license shall be in effect for the calendar year unless
				  revoked, suspended, or surrendered.
1. New
					 section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No.
					 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. New section refiled 9-28-2010 as an emergency; operative
					 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be
					 transmitted to OAL by 12-27-2010 or emergency language will be repealed by
					 operation of law on the following day.
3. New section refiled
					 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A
					 Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency
					 language will be repealed by operation of law on the following
					 day.
4. Certificate of Compliance as to 12-23-2010 order, including
					 amendment of section, transmitted to OAL 3-14-2011 and filed 4-25-2011;
					 amendments operative 5-25-2011 (Register 2011, No.
					 17).
Note: Authority cited: Sections
						50002 and
						50304,
						Financial Code. Reference: Sections
						50002,
						50123 and
						50140,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.12 - Share Arrangements with Other Governmental Agencies

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For purposes of subdivisions (c) and (d) of Section
					 50150 and Section
					 50151 of the Code, the
					 Commissioner is authorized to share any information or material that has been
					 submitted to the NMLS to any governmental agency, including but not limited to,
					 the California Attorney General, the California Department of Justice, the U.S.
					 Department of Justice, the U.S. Department of Housing and Urban Development,
					 including the Federal Housing Administration, the Federal Consumer Financial
					 Protection Bureau, the Federal Bureau of Investigation, state, local, or
					 federal regulatory agencies, state attorneys general, and county district
					 attorney's offices. The information or material that is shared with a
					 governmental agency shall be accomplished without the loss of privilege or the
					 loss of confidentiality protections provided by law.
1. New
					 section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No.
					 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
2. New section refiled 9-28-2010 as an emergency; operative
					 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be
					 transmitted to OAL by 12-27-2010 or emergency language will be repealed by
					 operation of law on the following day.
3. New section refiled
					 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A
					 Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency
					 language will be repealed by operation of law on the following
					 day.
4. Certificate of Compliance as to 12-23-2010 order, including
					 amendment of section heading, section and NOTE, transmitted to OAL 3-14-2011
					 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No.
					 17).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						1798.24, Civil
						Code; and Sections
						50150,
						50151 and
						50152,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.15 - Request for Confidential Treatment

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A residential mortgage lender, mortgage servicer,
					 residential mortgage lender and servicer, and mortgage loan originator
					 applicant may request that certain documents, or parts thereof, be treated
					 confidentially. A request for confidentiality shall be in writing and made
					 pursuant to Section
					 250.10 of Article 1 of Subchapter
					 1 of these rules. If a request for confidential treatment is granted or denied,
					 the person making such request will be notified in writing.
1. New
					 section filed 4-25-2011; operative 5-25-2011 (Register 2011, No.
					 17).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						1798.24, Civil
						Code; and Sections
						50151 and
						50152,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 3 - Surrender of License › Section 1950.123 - Surrender of License as a Residential Mortgage Lender, Mortgage Servicer, Residential Mortgage Lender and Servicer, or Mortgage Loan Originator

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application
				  to surrender a license as a residential mortgage lender, mortgage servicer,
				  residential mortgage lender and servicer, or mortgage loan originator shall be
				  filed on Form(s) MU1, MU2, MU3, or MU4 through NMLS in accordance with its
				  procedures for transmission to the Commissioner. A licensee shall amend every
				  branch office application Form MU3 and terminate the sponsorship of all
				  mortgage loan originators.
(b)
				  Prior to surrendering its license, a residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer must file a plan for
				  approval by the Commissioner. The plan shall contain the licensee's detailed
				  proposal for the orderly closing out of its residential mortgage lending or
				  residential mortgage loan servicing business. At a minimum, the plan shall
				  contain the following:
(1) A detailed
				  description of the plan to process to completion any loan applications pending
				  that were received before the decision to surrender the license was made. In
				  the alternative, the plan may describe the process for cancellation or
				  completion of the loan by another licensee or exempt person.
(2) A detailed description of the plan to
				  transfer the licensee's existing servicing portfolio, including the time frame
				  within which the transfer will be completed.
(3) The time frame required for payout to the
				  lender of all payments received from the borrowers, or the time frame required
				  for transfer of payments received to another servicing licensee or exempt
				  person.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 4 - Audit Reports › Section 1950.200 - Preparation of Independent Audit Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
These instructions have been prepared as an aid to
					 licensees and their independent certified public accountants in the preparation
					 of the audit report to be filed with the Department pursuant to Section
					 50200 of the California
					 Residential Mortgage Lending Act [Division 20 (commencing with Section
					 50000), Financial Code.]
A. In General.
This report should be filed with the office of the
					 Department with which the residential mortgage lender or residential mortgage
					 loan servicer ordinarily transacts its business within 105 days of the end of
					 the licensee's fiscal year.
B. Internal Control
The independent certified public accountant must provide a
					 description of the system of internal control used by the residential mortgage
					 lender or residential mortgage loan servicer, including material weaknesses in
					 internal accounting controls, recommendations for improvements, and comments
					 concerning corrective actions taken or in process.
C. The independent certified public
				  accountant's opinion, the Statement of Financial Position, the Statement of
				  Income and the Statement of Cash Flows, including any footnotes that are an
				  integral part of those statements, are public records except as provided in
				  Section 250.10, Title 10, California Code
				  of Regulations. Other information required in the report will be considered
				  confidential information and should be submitted as a separate report or in
				  such a manner as to be easily separated from the Statement of Financial
				  Position, Statement of Income and the Statement of Cash Flows.
1. New
					 article 4 (section
					 1950.200) and section filed
					 11-25-96; operative 12-25-96 (Register 96, No.
					 48).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						50200,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 5 - Borrowers and Advertising › Section 1950.204 - Copies of Signed Documents

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The applicant or borrower shall be provided a copy of the
					 loan documents. Forms furnished for application by mail should be accompanied
					 by a clear and conspicuous statement, or separate statement or notice,
					 declaring that it is the responsibility of the applicant or borrower to obtain
					 machine copies before mailing the signed documents back to the
					 licensee.
1. New
					 article 5 (sections
					 1950.204-1950.204.4) and section
					 filed 11-25-96; operative 12-25-96 (Register 96, No.
					 48).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						50204,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 5 - Borrowers and Advertising › Section 1950.204.1 - Changes Affecting Loans in Process

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If it is determined that an applicant
				  does not qualify for the loan amount, terms or program for which he or she
				  applied, and the costs of another program (if another program is presented or
				  requested) would materially differ from the costs itemized on the Good Faith
				  Estimate, then the licensee shall provide to the applicant, within a reasonable
				  time, a written explanation of the presented or requested program for which the
				  applicant may be qualified. Such explanation shall include but not be limited
				  to detailed information on costs to the applicant or borrower.
(b) When any notice is received from a
				  secondary market underwriter, an investor, the Federal Housing Administration
				  or the Veteran's Administration which materially affects a loan in process, the
				  licensee processing the loan application shall so notify the applicant in
				  writing upon receipt of such notice. Examples include but are not limited to
				  future or immediate change of rules or requirements, discontinuation of a
				  specific loan program, or failure by the applicant to qualify.
1. New
					 section filed 11-25-96; operative 12-25-96 (Register 96, No.
					 48).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						50204,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 5 - Borrowers and Advertising › Section 1950.204.2 - Charges to Seller

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Except for FHA-insured or VA-guaranteed residential mortgage loans, no licensee
				  shall:
(1) Impose any charges upon a seller
				  under a borrower's purchase contract; or
(2) Impose any charges on the seller,
				  pursuant to another agreement or loan commitment, unless specifically
				  authorized in writing by that seller to do so.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 5 - Borrowers and Advertising › Section 1950.204.3 - Prohibited Advertising

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  A residential mortgage lender, mortgage servicer, residential mortgage lender
				  and servicer, or mortgage loan originator shall not advertise that it or any of
				  its officers, employees, or agents are "bonded," "supervised by," "regulated
				  by," "audited by" or "examined by" the State of California or any agency
				  thereof.
(b) A residential mortgage
				  lender, mortgage servicer, residential mortgage lender and servicer, or
				  mortgage loan originator shall refer to its licensure under the Act in any
				  written or printed communication or any communication by means of recorded
				  telephone messages, telephonic or electronic media, or spoken on radio,
				  television or similar communications media, only by the following statement:
				  "Licensed by the Department of Business Oversight under the California
				  Residential Mortgage Lending Act."
1. New
					 section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2.
					 Amendment filed 4-1-2010 as an emergency; operative 7-31-2010 (Register 2010,
					 No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
3. Editorial correction of HISTORY 2 (Register 2010, No.
					 40).
4. Amendment refiled 9-28-2010 as an emergency, including
					 repealer of subsection (c); operative 9-28-2010 (Register 2010, No. 40). A
					 Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency
					 language will be repealed by operation of law on the following
					 day.
5. Amendment refiled 12-23-2010 as an emergency; operative
					 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be
					 transmitted to OAL by 3-23-2011 or emergency language will be repealed by
					 operation of law on the following day.
6. Certificate of Compliance
					 as to 12-23-2010 order transmitted to OAL 3-14-2011 and filed 4-25-2011
					 (Register 2011, No. 17).
7. Change without regulatory effect
					 amending subsection (b) filed 8-13-2014 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2014, No. 33).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Section
						50204,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 5 - Borrowers and Advertising › Section 1950.204.4 - "Blind" Advertising Prohibited

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A residential mortgage lender, residential mortgage lender
					 and servicer, mortgage servicer, or mortgage loan originator shall not use
					 "blind" advertisements. "Blind" advertising is an advertisement used to solicit
					 business that gives only a telephone number, post office or newspaper box
					 number, or name other than that of the licensee.
1. New
					 section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2.
					 Amendment filed 4-1-2010 as an emergency; operative 7-31-2010 (Register 2010,
					 No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
					 emergency language will be repealed by operation of law on the following
					 day.
3. Editorial correction of HISTORY 2 (Register 2010, No.
					 40).
4. Amendment refiled 9-28-2010 as an emergency, including
					 further amendments; operative 9-28-2010 (Register 2010, No. 40). A Certificate
					 of Compliance must be transmitted to OAL by 12-27-2010 or emergency language
					 will be repealed by operation of law on the following day.
5.
					 Amendment refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register
					 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by
					 3-23-2011 or emergency language will be repealed by operation of law on the
					 following day.
6. Certificate of Compliance as to 12-23-2010 order
					 transmitted to OAL 3-14-2011 and filed 4-25-2011 (Register 2011, No.
					 17).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Sections
						50308 and
						50314,
						Financial Code.