California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 2 - Applications › Section 1422.7 - Notices Included with Applications

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following notices required by state and federal law are
					 hereby provided for those completing an application for a residential mortgage
					 lender, mortgage broker, or residential mortgage lender and broker license in
					 Section 1422.5 of Subchapter 6 of these
					 rules, and an application for a mortgage loan originator license in Section
					 1422.6 of Subchapter 6 of these
					 rules:
NOTICES REQUIRED UNDER STATE AND FEDERAL LAW
					 INFORMATION PRACTICES ACT OF 1977 (California Civil Code Section
					 1798.17)
(a) The Department of Business Oversight of
				  the State of California is requesting the information specified in the
				  application for licensure of mortgage lenders, mortgage brokers, mortgage
				  lender and brokers and mortgage loan originators.
(b) The Chief Administrative Officer, the
				  Department of Business Oversight, 1515 K Street, Suite 200, Sacramento, CA
				  95814, telephone (916) 445-5541, is responsible for the system of records and
				  shall, upon request, inform individuals regarding the location of the
				  Department of Business Oversight's records and the categories of persons who
				  use the information in the records.
(c) The records are maintained pursuant to
				  the California Finance Lenders Law (Financial Code Section
				  22000, et
				  seq.).
(d) The submission of all
				  items of information is mandatory unless otherwise noted. The Department of
				  Business Oversight is required to collect from all applicants social security
				  numbers under Family Code Section
				  17520, and
				  social security numbers or federal taxpayer identification numbers under
				  Business and Professions Code Section
				  494.5.
				  The Privacy Act of 1974 prohibits a state agency from denying an individual any
				  right, benefit or privilege provided by law because of the individual's refusal
				  to disclose the individual's social security account number.
(e) Failure to provide all or any part of the
				  information requested may preclude the Department of Business Oversight from
				  approving the application.
(f) The
				  principal purposes within the Department of Business Oversight for which the
				  information is to be used are to determine whether (1) a license, registration,
				  or other authority, as allowed under the law, should be accepted, granted,
				  approved, denied, revoked or limited in any way; (2) business entities or
				  individuals licensed or otherwise regulated by the Department of Business
				  Oversight are conducting themselves in accordance with applicable laws; and/or
				  (3) laws administered by the Department of Business Oversight are being or have
				  been violated and whether administrative action, civil action, or referral to
				  appropriate federal, state or local law enforcement or regulatory agencies, as
				  authorized by law, is appropriate.
(g) Any known or foreseeable disclosures of
				  the information pursuant to subdivision (e) or (f) of Civil Code Section
				  1798.24 may
				  include transfers to other federal, state, or local law enforcement and
				  regulatory agencies, including NMLS as a channeling agent to, from, or on
				  behalf of those federal, state, and local law enforcement and regulatory
				  agencies, as authorized by law.
(h)
				  Except for Section
				  22105.3 of
				  the Financial Code, the Information Practices Act grants an individual a right
				  of access to personal information concerning the requesting individual that is
				  maintained by the Department of Business Oversight.
FEDERAL PRIVACY ACT OF 1974 (Public Law
					 93-579)
In accordance with Section
					 7 of the Privacy Act of 1974
					 (found at 5 U.S.C. §
												552a note (Disclosure of Social Security
					 Number)), the following is information on whether the disclosure of a social
					 security account number is voluntary or mandatory, by what statutory or other
					 authority such number is solicited, and what uses will be made of it.
(1) The Department of Business Oversight is
				  required to collect from all applicants social security numbers under Family
				  Code Section
				  17520, and
				  social security numbers or federal taxpayer identification numbers under
				  Business and Professions Code Section
				  494.5.
				  The Privacy Act of 1974 prohibits a state agency from denying an individual any
				  right, benefit or privilege provided by law because of the individual's refusal
				  to disclose the individual's social security account number.
(2) A social security account number or
				  federal taxpayer identification number is solicited pursuant to one or more of
				  the following authorities: Sections
				  1422.5 and
				  1422.7 of Title 10, California
				  Code of Regulations; Section
				  17520 of the
				  Family Code; and Section
				  494.5
				  of the Business and Professions Code.
(3) For all persons disclosing a social
				  security account number or federal taxpayer identification number, the number
				  is used to match the information to the names on the list provided by the
				  Department of Child Support Services under Family Code Section
				  17520, and the
				  lists of tax delinquencies provide by the State Board of Equalization and
				  Franchise Tax Board under Business and Professions Code Section
				  494.5.
				  The social security number may be used, in addition to other information
				  provided, to conduct a background investigation of the individual by the
				  Department of Justice's Identification and Information Branch or by other
				  federal, state or local law enforcement agencies, as authorized by law. The
				  social security number may also be used to respond to requests for this number
				  made by child support agencies.
(4)
				  The State Board of Equalization and the Franchise Tax board are authorized to
				  share taxpayer information with the Department of Business Oversight and in the
				  event the state tax obligation is not paid by a licensee, the Department of
				  Business Oversight may be required to suspend the license.