California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 6 - California Financing Law › Article 1 - General Provisions › Section 1409.1 - Notice of Changes by Licensee on NMLS

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Each licensee on NMLS, including a
				  mortgage loan originator licensee, shall, upon any change in the information
				  contained in its license application (other than financial information
				  contained therein) promptly file an amendment to such application setting forth
				  the changed information.
(b) A
				  licensee on NMLS shall file changed information contained in its Forms MU1,
				  MU2, and MU3, and any exhibits thereto, through NMLS in accordance with its
				  procedures for transmission to the Commissioner. Any change that cannot be
				  submitted through NMLS shall be filed directly with the Commissioner.
(c) A mortgage loan originator shall file
				  changed information contained in its Form MU4, and any exhibits thereto,
				  through NMLS in accordance with its procedures for transmission to the
				  Commissioner within twenty (20) days of changes to the information as provided
				  in section
				  1422.6 of subchapter 6 of these
				  rules. Any change that cannot be submitted through NMLS shall be filed directly
				  with the Commissioner. A mortgage loan originator may not renew his or her
				  license under section
				  1422.6.3 of subchapter 6 of these
				  rules until all changes to the information contained in his or her Form MU4 are
				  filed with the Commissioner as provided in this section.
(d) A licensed mortgage lender, mortgage
				  broker, and mortgage lender and broker shall notify the Commissioner of the
				  employment of any new mortgage loan originator in California and of the
				  termination of employment of any mortgage loan originator in California in
				  accordance with section
				  1422.6 of subchapter 6 of these
				  rules.
(e) If a mortgage lender,
				  mortgage broker, or mortgage lender and broker discovers that a sponsored
				  mortgage loan originator has not filed an amendment to his or her Form MU4, the
				  mortgage lender, mortgage broker, or mortgage lender and broker shall require
				  the mortgage loan originator to file the amendment immediately. If, within five
				  (5) days from the demand, the mortgage loan originator has not made the
				  changes, the mortgage lender, mortgage broker, or mortgage lender and broker
				  shall inform the Commissioner in writing.
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 (f); 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, including amendment of subsection (e), transmitted to
					 OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register
					 2011, No. 17).
6. 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.
7. Editorial
					 correction of section heading (Register 2022, No.
					 44).
Note: Authority cited: Sections
						22108 and
						22150,
						Financial Code. Reference: Section
						1798.18, Civil
						Code; and Sections
						22100,
						22106 and
						22108,
						Financial Code.