California § 4979.5. 4979.5. (Added by Stats. 2001, Ch. 732, Sec. 1.)

California Statutes

§ 4979.5. — 4979.5. (Added by Stats. 2001, Ch. 732, Sec. 1.)

California·Code FIN Financial Code - FIN·Div. 1.7. DIVISION 1.7. COVERED LOANS·Ch. 3. CHAPTER 3. Enforcement

(a)A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer loan secured by real property, is the fiduciary of the consumer, and any violation of the person’s fiduciary duties shall be a violation of this section. A broker who arranges a covered loan owes this fiduciary duty to the consumer regardless of who else the broker may be acting as an agent for in the course of the loan transaction.

(b)Except for a broker or a person who provides brokerage services, no licensed person or subsequent assignee shall have administrative, civil, or criminal liability for a violation of this section.

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(a)
A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer loan secured by real property, is the fiduciary of the consumer, and any violation of the person’s fiduciary duties shall be a violation of this section. A broker who arranges a covered loan owes this fiduciary duty to the consumer regardless of who else the broker may be acting as an agent for in the course of the loan transaction.
(b)
Except for a broker or a person who provides brokerage services, no licensed person or subsequent assignee shall have administrative, civil, or criminal liability for a violation of this section.

California § 4979.5. (4979.5. (Added by Stats. 2001, Ch. 732, Sec. 1.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Added by Stats. 2001, Ch. 732, Sec. 1. Effective January 1, 2002. Applicable, by Sec. 3 of Ch. 732, to consumer loans applied for on or after July 1, 2002.