California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 10 - Reports to the Commissioner › Section 1950.316 - Report of Civil, Criminal or Disciplinary Action

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A residential mortgage lender,
				  residential mortgage lender and servicer, mortgage servicer, or mortgage loan
				  originator shall immediately report to the Commissioner any civil, criminal or
				  disciplinary action set forth in Section
				  50316 or
				  50317 of the Code, filed against
				  the residential mortgage lender, mortgage servicer, residential mortgage lender
				  and servicer, mortgage loan originator, or any of its officers, directors,
				  partners, shareholders controlling 10 percent or more of the ownership
				  interests, trustees or employees (as "employee" is defined in subdivision (h)
				  of Section
				  50317 of the Code) through the
				  NMLS in accordance with its procedures for transmission to the Commissioner on
				  Forms MU1, MU2, MU3, or MU4. Any action that cannot be reported through NMLS
				  shall be reported directly to the Commissioner.
(b) If a residential mortgage lender,
				  mortgage servicer, or residential mortgage lender and servicer finds that a
				  sponsored mortgage loan originator has not filed an amendment to his or her
				  Form MU4, the residential mortgage lender, residential mortgage loan servicer,
				  or residential mortgage lender and mortgage servicer shall proceed as required
				  in Section
				  1950.122.5 of Subchapter 11.5 of
				  these rules.
1. New
					 article 10 (sections
					 1950.316-1950.317) and section
					 filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2.
					 Amendment of section and NOTE 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					 transmitted to OAL by 9-28-2010 or emergency language will be repealed by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 3 (Register 2010, No. 40).
4. Amendment of section and NOTE
					 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					 be transmitted to OAL by 12-27-2010 or emergency language will be repealed by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 of 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.
6. Certificate of Compliance as to 12-23-2010 order, including
					 amendment of subsection (b) 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: Sections
						50146 and
						50304,
						Financial Code. Reference: Sections
						50120,
						50130,
						50140,
						50146,
						50316 and
						50317,
						Financial Code.