§ 22102. — 22102. (Repealed (in Sec. 25) and added by Stats. 2017, Ch. 475, Sec. 26.)

California § 22102.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 9.: DIVISION 9. CALIFORNIA FINANCING LAW
• Ch. 1.: CHAPTER 1. General Provisions
• Art. 3.: ARTICLE 3. Licensing

Text

(a)
A finance lender, broker, or program administrator licensee seeking to engage in business at a new location shall submit an application for a branch office license to the commissioner at least 10 days before engaging in business at a new location and pay the fee required by Section 22103. The commissioner may require an applicant seeking to engage in business at a new location to submit its application, or parts thereof, through the Nationwide Mortgage Licensing System and Registry.
(b)
The licensee may engage in business at the new location 10 days after the date of submission of a branch office application.
(c)
(1)
The commissioner shall approve or deny the person responsible for the lending activity at the new location in accordance with Section 22109, and shall notify the licensee of this decision within 90 days of the date of receipt of the application.
(2)
If the commissioner denies the application, the licensee shall, within 10 days of the date of receipt of notification of the commissioner’s denial, submit a new application to the commissioner designating a different person responsible for the lending activity at the new location. The commissioner shall approve or deny the different person as provided in paragraph (1).
(d)
A licensee shall not engage in business at a
new location in a name other than a name approved by the commissioner.
(e)
The commissioner may adopt regulations to implement the requirements of this section.
(f)
A branch office license to engage in business at a new location shall be issued in accordance with this section. A change of street address of a place of business designated in a license shall be made in accordance with Section 22153 and shall not constitute a new location subject to the requirements of this section.
(g)
This section shall become operative on January 1, 2019.

Legislative History

Repealed (in Sec. 25) and added by Stats. 2017, Ch. 475, Sec. 26. (AB 1284) Effective October 4, 2017. Section operative January 1, 2019, by its own provisions.