§ 50120. — 50120. (Amended by Stats. 2009, Ch. 160, Sec. 50.)

California § 50120.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 20.: DIVISION 20. CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT
• Ch. 2.: CHAPTER 2. Licensing: Residential Mortgage Lender

Text

(a)
A residential mortgage lender shall file an application for licensure under this chapter with the commissioner to make or service residential mortgage loans in this state.
(b)
A licensee may not engage in the business as a residential mortgage lender under a name other than the name that appears on the license, or a legally assumed name
disclosed either in the application or in an amendment to the application, which shall be reflected on the license.
(c)
A licensee may not make or service residential mortgage loans secured by real property pursuant to the authority of a license, or an exemption from licensure, under the Real Estate Law.
(d)
The commissioner may, pursuant to Section 50321, order a licensee to cease any other business conducted at any location where the licensee operates under the authority of a residential mortgage lender license, if the commissioner finds that the conduct of that business has facilitated evasions of this division or the rules adopted pursuant to this division, or that the conduct of that business is in violation of any law to which that business is subject.
(e)
A license issued for a business location outside this
state shall constitute an agreement by the licensee to, at the sole discretion of the commissioner, either (1) make the licensee’s books, accounts, papers, records, and files available to the commissioner or the commissioner’s representatives in this state within 10 calendar days of a request from the commissioner or, (2) pay the reasonable expenses for travel, meals, and lodging of the commissioner or the commissioner’s representatives incurred during an investigation or examination made at the licensee’s location outside this state.
(f)
The commissioner may, by rule, require an applicant for a residential mortgage lender or servicer license or a residential mortgage lender or servicer licensee to make some or all filings with the commissioner through the Nationwide Mortgage Licensing System and Registry.
(g)
The commissioner may, by rule, require licensees to pay assessments
through the Nationwide Mortgage Licensing System and Registry.

Legislative History

Amended by Stats. 2009, Ch. 160, Sec. 50. (SB 36) Effective October 11, 2009.