§ 50706. — 50706. (Added by Stats. 1996, Ch. 19, Sec. 1.)

California § 50706.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 20.: DIVISION 20. CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT
• Ch. 9.: CHAPTER 9. Brokerage Services for Borrowers

Text

(a)
Except as provided in subdivision (b), the commissioner has primary regulatory jurisdiction over all transactions in which a licensed residential mortgage lender provides brokerage services, whether the brokerage services are provided under the authority of this chapter or under the Real Estate Law.
(b)
If the commissioner has reason to believe that a residential mortgage lender
or one of its employees has violated the Real Estate Law while providing brokerage services under a real estate broker’s license, the commissioner shall refer the matter to the Real Estate Commissioner, who may conduct an investigation to determine if a violation of the Real Estate Law has occurred. If the Real Estate Commissioner believes a violation has occurred, the Real Estate Commissioner may commence an enforcement action under the Real Estate Law.

Legislative History

Added by Stats. 1996, Ch. 19, Sec. 1. Effective March 20, 1996.