reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 2 - Applications › Section 1422.7.1 - 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 Financing Law
					 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					 emergency language will be repealed by operation of law on the following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					 transmitted to OAL by 12-27-2010 or emergency language will be repealed by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					 language will be repealed by operation of law on the following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).
5. Amendment filed
					 8-5-2021; operative 10-1-2021 (Register 2021, No. 32). Transmission deadline
					 specified in Government Code section
					 11346.4(b)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
					 in Government Code section
					 11349.3(a)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order
					 N-71-20.
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22101,
						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 6 - California Financing Law › Article 2 - Applications › Section 1422.9 - Effectiveness of License for Licensee on NMLS

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A license under subdivision (a) of
				  section 22100 or section
				  22100.5 of the Code 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 1422.10 of these rules.
(b) A license as a mortgage loan originator
				  under section
				  22100 of the Code shall be renewed
				  on an annual basis in accordance with section
				  1422.6.3 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 subsection (b), transmitted to OAL 3-14-2011 and filed 4-25-2011;
					 amendments operative 5-25-2011 (Register 2011, No. 17).
5. Amendment
					 of section heading, section and NOTE filed 8-5-2021; operative 10-1-2021
					 (Register 2021, No. 32). Transmission deadline specified in Government Code
					 section
					 11346.4(b)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
					 in Government Code section
					 11349.3(a)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order
					 N-71-20.
Note: Authority cited: Sections
						22100 and
						22150,
						Financial Code. Reference: Sections
						22109.6 and
						22700,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 2 - Applications › Section 1422.10 - Surrender of License Through NMLS

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A licensee on NMLS shall file an
				  application to surrender a license on Form(s) MU1, MU3, and MU4 through NMLS in
				  accordance with its procedures for transmission to the Commissioner. Upon
				  approval of the surrender by the Commissioner, a licensee that sponsors one or
				  more mortgage loan originator shall terminate the sponsorship of all mortgage
				  loan originators.
(b) To surrender
				  a branch office license, a licensee shall file an amendment to Form MU3 in
				  accordance with the instructions on the form for surrendering a branch office
				  license.
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 subsection (a), transmitted to OAL 3-14-2011 and filed 4-25-2011;
					 amendments operative 5-25-2011 (Register 2011, No. 17).
5. Amendment
					 of section heading, section and NOTE filed 8-5-2021; operative 10-1-2021
					 (Register 2021, No. 32). Transmission deadline specified in Government Code
					 section
					 11346.4(b)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
					 in Government Code section
					 11349.3(a)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order
					 N-71-20.
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22107,
						22108 and
						22700,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 2 - Applications › Section 1422.11 - 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 an expired license may not 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 all of the following conditions
				  are met:
(1) The mortgage loan originator
				  must submit a request for reinstatement through NMLS 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 of the year immediately
				  following the year the license expired.
(3) The mortgage loan originator must pay the
				  applicable licensing 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 later fees
				  or penalties.
(4) The mortgage loan
				  originator must continue to meet minimum standards for renewal in Section
				  22109.4 of the
				  Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 2 - Applications › Section 1424 - Branch Office License Instructions for Licensees and Applicants Filing Through NMLS

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A
				  finance lender, broker, or program administrator licensee on NMLS that seeks to
				  engage in business at an additional location must submit an application for a
				  branch office license by submitting Form MU3 (NMLS Branch 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 on NMLS 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 each branch manager as a branch manager on Form MU3 and submit to NMLS
				  a Form MU2 (NMLS Individual Form) for each branch manager.
(1) Each branch manager shall provide
				  authorization for, and delivery of, fingerprints and related information to
				  NMLS and the California Department of Justice, as applicable.
(2) Each location must have a branch manager
				  and the same individual may not be a branch manager of multiple
				  locations.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1425 - Books and Records: To be Maintained at the Licensed Place of Business

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Except as
				  otherwise provided by section
				  22158 of
				  the Financial Code, a finance company shall always maintain its books, records,
				  and accounts physically at or digitally accessible from its licensed
				  location.
(b) The individual loan
				  records required to be maintained by a finance company shall include at least
				  the following: The Statement of Loan or other disclosure statements used to
				  comply with section
				  22337 of
				  the Financial Code, Security Agreement or Wage Assignment, Promissory Note,
				  Loan Application, Payment Record, Escrow Closing Statement (if applicable),
				  Insurance Policies or memoranda, when insurance other than Credit Insurance has
				  been sold, and such records as the Commissioner may designate.
(c) A program administrator shall maintain
				  its books and records in accordance with the requirements in article 15 of this
				  subchapter 6.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment of NOTE filed 5-16-84; effective thirtieth day
					 thereafter (Register 84, No. 20).
3. Amendment filed 2-21-85;
					 effective thirtieth day thereafter (Register 85, No. 8).
4. Change
					 without regulatory effect amending section and NOTE filed 6-14-95 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
5. Amendment filed 8-5-2021;
					 operative 10-1-2021 (Register 2021, No. 32). Transmission deadline specified in
					 Government Code section
					 11346.4(b)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
					 in Government Code section
					 11349.3(a)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order
					 N-71-20.
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22157,
						22158,
						22337 and
						22709,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1426 - Same: Standard for Keeping

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A licensee shall maintain its books, accounts and records
					 in accordance with generally accepted accounting principles and good business
					 practice.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment of NOTE filed 2-21-85; effective thirtieth day
					 thereafter; (Register 85, No. 8).
3. Change without regulatory
					 effect amending section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
4. Amendment filed 8-5-2021;
					 operative 10-1-2021 (Register 2021, No. 32). Transmission deadline specified in
					 Government Code section
					 11346.4(b)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
					 in Government Code section
					 11349.3(a)
					 extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
					 60 calendar days pursuant to Executive Order
					 N-71-20.
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22157 and
						22709,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1427 - Same: Must be Separate

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A finance company shall install and maintain separate loan
					 records for each licensed loan business in accordance with the provisions of
					 this article, in order to distinguish each licensed loan business and
					 operations from other licensed loan business or operations subject to this
					 subchapter. A finance company shall install and maintain separate loan records
					 from those loan records maintained by any other business that is transacted at
					 the same office, room, or place of business.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment filed 2-21-85; effective thirtieth day thereafter
					 (Register 85, No. 8).
3. Change without regulatory effect amending
					 section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
4. Amendment filed 8-4-98;
					 operative 9-3-98 (Register 98, No. 32).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22157 and
						22709,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1428 - Loan Documents: When Loan is Transferred Within a Company

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Except as otherwise provided by Section
					 22158 of
					 the Financial Code, whenever any loan is transferred within the same company
					 outside the State for any reason, or to an unlicensed affiliate wherever
					 located for any reason, a finance company shall maintain at its licensed
					 location, the original or exact copy of the Statement of Loan and any other
					 disclosure statement used to comply with Section
					 22337 of
					 the Financial Code, Payment Record and a record identifying the loan, the date
					 of transfer, and the receiving office. However, except as otherwise provided by
					 Section 22158, when a loan is sold,
					 transferred, or assigned to another licensed location of the same company
					 within the State of California, only a record identifying the loan, the date of
					 transfer, and the receiving office need be maintained by the sending office and
					 thereafter the branch office receiving said loan shall maintain the required
					 documents in its files.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment filed 5-16-84; effective thirtieth day thereafter
					 (Register 84, No. 20.)
3. Amendment filed 2-21-85; effective
					 thirtieth day thereafter (Register 85, No. 8).
4. Change without
					 regulatory effect amending section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22157,
						22158,
						22337 and
						22709,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1429 - Loan Documents: When Loan is Transferred Outside a Company

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Except when otherwise provided by Section
					 22158 of
					 the Financial Code, whenever any loan is sold, transferred or assigned to an
					 unaffiliated entity, the finance company relinquishing the loan shall maintain
					 at its licensed location the original or an exact copy of the application for a
					 loan and all papers and other documents relating to such transaction, as
					 provided by the Law.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment filed 2-21-85; effective thirtieth day thereafter
					 (Register 85, No. 8).
3. Change without regulatory effect amending
					 section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22157,
						22158 and
						22709,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1430.5 - Annual Report and Mortgage Call Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The annual report required under Section
				  22159 of
				  the Financial Code shall be submitted on forms furnished by the
				  Commissioner.
(b) In addition to
				  the annual report required under Section
				  22159 of
				  the Financial Code, a mortgage lender, mortgage broker, and mortgage lender and
				  broker shall file the NMLS Mortgage Call Report required to be filed pursuant
				  to subdivisions (c) and (d) of Section
				  22159 of the Code with NMLS for
				  transmission to the Commissioner.
(c) Every mortgage loan originator shall
				  ensure that all residential mortgage loans that close as a result of his or her
				  loan origination activities are included in the NMLS Mortgage Call Report
				  submitted to NMLS or the Commissioner by his or her sponsoring mortgage lender,
				  broker, or mortgage lender and broker.
1. New
					 section filed 4-14-83; effective thirtieth day thereafter (Register 83, No.
					 16).
2. Change without regulatory effect amending section and NOTE
					 filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
3. Amendment of section heading,
					 section and NOTE 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.
4. Amendment of section heading, section and NOTE
					 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.
5. Amendment of section heading, section and NOTE 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 transmitted
					 to OAL 3-14-2011 and filed 4-25-2011 (Register 2011, No.
					 17).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22159 and
						22160,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1431 - Special Report

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A special report required by the Commissioner under
					 Financial Code Section
					 22159(b)
					 shall be signed by the licensee if an individual, by a general partner if a
					 partnership, or by an authorized officer, if a corporation or other business
					 entity.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment filed 2-21-85; effective thirtieth day thereafter
					 (Register 85, No. 8).
3. Change without regulatory effect amending
					 section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
4. Amendment of section and NOTE
					 filed 8-4-98; operative 9-3-98 (Register 98, No. 32).
5. Amendment
					 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.
6. Amendment 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.
7. 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.
8. 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
						22150,
						Financial Code. Reference: Section
						22159(b),
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1434 - Forms: Limitations on Distribution

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A finance company shall not distribute any forms or
					 documents used in connection with the making of a loan to any merchants,
					 repairmen, or persons who are not prospective borrowers of the finance company
					 for the distribution or exhibition by the merchants, repairmen, or persons to
					 prospective borrowers. This provision does not apply to a form used solely to
					 procure preliminary credit information and which is not signed or to be signed
					 by the prospective borrower.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending NOTE filed 6-14-95
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
3. Amendment of section and NOTE
					 filed 8-4-98; operative 9-3-98 (Register 98, No.
					 32).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22000,
						22004,
						22009,
						22150 and
						22161,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 3 - Books, Records and Examinations › Section 1435 - Closing Statement and Escrow Instructions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A finance company shall retain a copy of the escrow
					 instructions and the closing statement issued by the escrow holder for any loan
					 secured by real property where the loan proceeds were disbursed to an
					 independent escrow holder.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment of NOTE filed 2-21-85; effective thirtieth day
					 thereafter (Register 85, No. 8).
3. Change without regulatory effect
					 amending NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
4. Amendment filed 8-4-98;
					 operative 9-3-98 (Register 98, No. 32).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22157 and
						22709,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1445 - Limitation on Loans Made to Finance Sales in Connection with Other Business

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
No finance company shall make a loan to finance a retail
					 sale made in connection with any "other business" authorized in accordance with
					 Section
					 22154 of
					 the Financial Code. This means that if a license has been granted to someone
					 engaged in a retail sales business in accordance with Section
					 22154, no retail sales may be
					 financed by the making of a loan. A loan may be made however, to refinance a
					 sales contract which originated from such a retail sale if the loan complies
					 with Section
					 22341 of
					 the Financial Code.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending first paragraph,
					 repealing subsections (a) and (b), and amending NOTE filed 1-14-93 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 93, No. 3).
3. Change without regulatory
					 effect amending section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22150,
						22154,
						22326 and
						22341,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1446 - Employees: Knowledge of Laws and Rules Required

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Every employee of a finance company who negotiates for or
					 makes any loan pursuant to the Law shall familiarize oneself with the laws,
					 rules, and regulations governing such loan business. No office shall be left in
					 charge of any person who is not informed concerning such laws, rules, and
					 regulations.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment of NOTE filed 2-21-85; effective thirtieth day
					 thereafter (Register 85, No. 8).
3. Change without regulatory effect
					 amending section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22150,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1447 - Reports of Collections

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A finance company shall request in writing that any person,
					 to whom as agent or otherwise an account is referred for collection and who
					 receives any sum from a borrower in connection with the collection of such
					 account, report to such finance company in writing within not less than 30 days
					 of the receipt of such sum the gross sum received and the date of the receipt
					 thereof, provided, that if such account is referred or assigned pursuant to an
					 express contract such contract shall specify that the report contemplated by
					 this section must be given.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending NOTE filed 6-14-95
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22156,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1448 - Acceleration of Repayment: Limitations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The finance company shall not be entitled to accelerate
					 repayment of the loan:
(a) Upon
				  failure of the borrower immediately to pay any sum or sums advanced by the
				  finance company for itself or the borrower for the preservation or protection
				  of the security;
(b) If the finance
				  company feels insecure due to a change in the financial condition of the
				  borrower; and
(c) If any
				  misstatement has been made by the borrower with reference to his/her credit or
				  financial standing.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending NOTE filed 6-14-95
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22150,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1449 - Instruments Signed by Borrower: Copies: Pertinent Provisions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Upon making or
				  renewing a loan a finance company shall:
(1)
				  Deliver immediately to the borrower a copy of all notes, security agreements,
				  financing statements if any, wage assignments, insurance authorizations, and
				  any other contracts or agreements executed as evidence of, or security for,
				  said loan; or
(2) Deliver
				  immediately to the borrower the pertinent provisions of all notes, security
				  agreements, financing statements if any, wage assignments, insurance
				  authorizations and any other contracts or agreements executed as evidence of,
				  or as security for, said loan.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1450 - Predating or Postdating Loan Documents Prohibited

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
No finance company shall predate or postdate any documents
					 in connection with making or renewing any loan.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending NOTE filed 6-14-95
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22150,
						22300 and
						22307,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1451 - Brokerage Charges: Rebate Prohibited: Compensation to Unlicensed Persons Prohibited

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  A finance company shall not charge for "brokerage" services unless that service
				  is actually rendered. In that event, the finance company must clearly identify
				  in its records the full amount of the charge actually paid to a broker licensed
				  under the Law or a person within the authorization provided by subsection (c)
				  who rendered said brokerage service.
(b) No broker or other person shall divide
				  with or rebate to any finance company any portion of the sum collected by way
				  of brokerage and no finance company shall receive or accept any such division
				  or rebate.
(c) No finance company
				  shall pay any compensation to an unlicensed person or company for soliciting or
				  accepting applications for loans, except for an employee regularly employed at
				  a licensed place of business of the finance company. However, a finance company
				  may pay compensation for soliciting or accepting applications or performing
				  services as a broker to a person or company licensed (1) as a real estate
				  broker under Article 2 (commencing with Section
				  10150) of Chapter 3 of Part 1 of
				  Division 4 of the Business and Profession Code with respect to loans made under
				  Division 9 of the Financial Code or Article 7 (commencing with Section
				  10240) of Chapter 3 of Part 1 of
				  Division 4 of the Business and Professions Code, or (2) for any brokerage
				  service rendered by a bank, savings and loan association or any other financial
				  institution exempted from the provisions of Division 9 of the Financial
				  Code.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment of subsection (d) filed 5-15-84; effective
					 thirtieth day thereafter (Register 84, No. 20).
3. Change without
					 regulatory effect amending subsections (a), (d) and NOTE filed 6-14-95 pursuant
					 to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
4. Amendment filed 8-4-98;
					 operative 9-3-98 (Register 98, No. 32).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22004,
						22150,
						22156 and
						22306,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1452 - Loan Size and Duration: Limitations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
When making or negotiating loans, a finance company shall
					 take into consideration, in determining the size and duration thereof, the
					 financial ability of the borrowers to repay the same, to the end that the
					 borrowers should be reasonably to repay said loans in the time and manner
					 provided in the loan contracts.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Amendment of NOTE filed 2-21-85; effective thirtieth day
					 thereafter (Register 85, No. 8).
3. Change without regulatory effect
					 amending NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22150,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1453 - "Ballooning" Prohibited

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any so-called "ballooning" of loan contracts is prohibited.
					 Any scheduled installment that is more than twice the amount of any other
					 scheduled installment will be considered a balloon payment for purposes of this
					 section and Section
					 22307 of
					 the Financial Code. This section shall not be construed to apply to open end
					 loans.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending section and NOTE
					 filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22307,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1454 - Statement of Loan or Documents Used to Comply with Financial Code: Form: Contents

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In addition to
				  the specific requirements of Sections
				  22337,
				  22338 and
				  22400(b)
				  of the Financial Code, the statement of loan form shall contain the following
				  and may consist of more than one document:
(1)
				  The name and address of the borrower;
(2) A statement of the actual amount of cash
				  received and retained by the borrower and a statement of any funds (not
				  including any charges within the meaning of Section
				  22306) paid to third persons
				  pursuant to the written instructions of the borrower;
(3) A statement of any fees, charges, costs,
				  insurance premiums or other sums which have been paid or are to be paid by or
				  on behalf of the borrower at the time the loan is made. On any loan secured in
				  part by real property, in which loan proceeds were disbursed to an escrow
				  holder, delivery of a copy of the closing statement issued by such escrow
				  holder will be sufficient notification for purposes of subsection (3) of this
				  rule;
(4) A statement that the
				  borrower shall have the right to make payment in advance and in any amount on
				  any contract of loan at any time;
(5) A statement in not less than 12-point
				  bold face capital letters:
FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS
					 OVERSIGHT, STATE OF CALIFORNIA.
(6) A statement that the loan is made
				  pursuant to the California Finance Lenders Law, Division 9 (commencing with
				  Section 22000) of the Financial
				  Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1455 - Charges Subsequent to Loan

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) No charges shall be received from a
				  borrower subsequent to the making of a loan unless authorized by the Law, and
				  specifically provided for in the original contract.
(b) All charges shall be clearly
				  substantiated in the records of the finance company, and the borrower shall be
				  provided with a detailed statement showing how the charges originated and the
				  basis upon which the charges were calculated.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending subsection (a) and
					 NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
3. Amendment of subsection (b)
					 filed 8-4-98; operative 9-3-98 (Register 98, No.
					 32).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22156,
						22300,
						22306 and
						22326,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1456 - Schedule of Charges: Filing: Posting. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 5-15-84; effective thirtieth day thereafter (Register 84, No.
					 20).
Note: Authority cited: Section
						2400,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1457 - Charges: Limited to Amounts Disbursed

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Except as provided in subsections (b),
				  (c) and (d) of this section, a finance company may collect and receive charges
				  only on the portion of the unpaid principal balance actually disbursed to the
				  borrower or on the borrower's behalf, and only from the date of such
				  disbursement.
(b) Charges on the
				  amount of any statutory fees to be paid to a public officer may be collected
				  and received from the date of the loan, provided the fees are actually paid
				  within a reasonable time after the loan is made.
(c) Charges on the amount of premium for
				  insurance written in connection with a loan may be collected and received only
				  from the effective date of the insurance. However, if the loan is refinanced
				  and insurance extended to cover the refinanced loan to the new maturity date,
				  charges upon the premium may be collected and received from the date of such
				  refinance.
(d) Charges on a loan
				  secured by real property may be collected and received only from the date of
				  closing of the escrow, when the loan proceeds are disbursed by the escrow
				  holder, except as provided by Civil Code Section
				  2948.5.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending NOTE filed 6-14-95
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
3. Amendment filed 8-4-98;
					 operative 9-3-98 (Register 98, No. 32).
4. Amendment of subsection
					 (d) and NOTE filed 9-23-2009; operative 10-23-2009 (Register 2009, No.
					 39).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						2948.5, Civil
						Code; and Sections
						22300,
						22303,
						22306,
						22307 and
						22326,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1458 - Notary Fees

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A finance company may not charge or collect from a borrower
					 any consideration for notary services unless such consideration is actually
					 paid to and retained by the notary public who rendered such services. A finance
					 company may not directly or indirectly receive, participate in, or benefit from
					 the consideration paid for said notary services.
1. New NOTE
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending NOTE filed 6-14-95
					 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22300,
						22303,
						22306,
						22307 and
						22326,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1459 - Limitation of Escrow Fee Pursuant to Section 22318 of the Financial Code

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
No escrow fee shall be considered reasonable unless it is
					 paid to a company or to persons described in Section
					 22318 of
					 the Financial Code and unless such services are performed.
1. Amendment
					 filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
					 53).
2. Change without regulatory effect amending section heading,
					 section and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Section
						22318,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 4 - Loans › Section 1460 - Real Estate Secured Loans: Sale to Institutional Investors

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Loans made by a finance company under Financial Code
					 sections
					 22340 and
					 22600 shall
					 meet all of the following requirements:
(a) The finance company shall approve the
				  loan but may utilize criteria established by an institutional
				  investor.
(b) The finance company
				  shall be the lender or creditor on the promissory note and the beneficiary on
				  the deed of trust securing the loan.
(c) The finance company shall provide funding
				  for the loan from sources exclusive of any funding advances received from an
				  institutional investor committed to purchasing the note.
1. Repealer
					 filed 5-15-84; effective thirtieth day thereafter (Register 84, No.
					 20).
2. New section and heading filed 6-28-91; operative 7-29-91
					 (Register 91, No. 41).
3. Change without regulatory effect amending
					 first paragraph and NOTE filed 6-14-95 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 95, No. 24).
4. Amendment of section heading
					 and section filed 8-4-98; operative 9-3-98 (Register 98, No.
					 32).
Note: Authority cited: Section
						22150,
						Financial Code. Reference: Sections
						22340 and
						22600,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 5 - Charges on Scheduled Balances › Section 1475 - Special Rebate. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 5-15-84; effective thirtieth day thereafter (Register 84, No.
					 20).
Note: Authority cited: Section
						22400,
						Financial Code.