California Statutes
§ 50333. — 50333. (Amended by Stats. 2009, Ch. 160, Sec. 77.)
California·Code FIN Financial Code - FIN·Div. 20. DIVISION 20. CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT·Ch. 5. CHAPTER 5. Administration and Powers of the Commissioner
(a)The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, and the Statement on Subprime Mortgage Lending published on July 17, 2007, by the aforementioned entities and the National Association of Consumer Credit Administrators, to
licensees.
(b)The commissioner may adopt emergency and final rules to clarify the application of this section as soon as possible.
(c)A licensee shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in the documents described in subdivision (a). A licensed mortgage loan originator shall adhere to policies and procedures developed by
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California § 50333. (50333. (Amended by Stats. 2009, Ch. 160, Sec. 77.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2009, Ch. 160, Sec. 77. (SB 36) Effective October 11, 2009.