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Financial Code - FIN - FIN § 22063
Financial Code - FIN - FIN § 22063
(a) This division does not apply to a franchise loan made by a franchisor to a franchisee or a subfranchisor or by a subfranchisor to a franchisee. (b) For purposes of this section: (1) “Franchise” means “franchise,” as defined in Section 31005 of the Corporations Code. (2) “Fran
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Financial Code - FIN - FIN § 22064
Financial Code - FIN - FIN § 22064
(a) This division does not apply to the following: (1) A program-related investment defined in subsection (c) of Section 4944 of the Internal Revenue Code and United States Treasury Regulations Section 53.4944-3 that is made by a private foundation, tax-exempt organization within
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Financial Code - FIN - FIN § 22065
Financial Code - FIN - FIN § 22065
(a) Persons not subject to this division may apply to the commissioner for an exempt company registration for the purpose of sponsoring one or more individuals required to be licensed as mortgage loan originators pursuant to the federal SAFE Act. (b) An exempt person applying und
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Financial Code - FIN - FIN § 22066
Financial Code - FIN - FIN § 22066
(a) The Legislature finds and declares that nonprofit organizations have an important role to play in helping individuals obtain access to affordable, credit-building small dollar loans. California law should refrain from creating statutory barriers that risk slowing the growth o
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Financial Code - FIN - FIN § 22067
Financial Code - FIN - FIN § 22067
(a) On or before July 1 of each year, the commissioner shall post a report on the department’s internet website summarizing the information described in subdivision (b). The information disclosed to the commissioner for the commissioner’s use in preparing the report described in
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Financial Code - FIN - FIN § 22068
Financial Code - FIN - FIN § 22068
(a) The exemptions and exclusions in this article are not applicable to a person engaged in business as a program administrator or a PACE solicitor. (b) This section shall become operative on January 1, 2019.
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Financial Code - FIN - FIN § 22100
Financial Code - FIN - FIN § 22100
(a) No person shall engage in the business of a finance lender or broker without obtaining a license from the commissioner. (b) Every licensee engaging in the business of making or brokering residential mortgage loans shall require that every mortgage loan originator employed or
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Financial Code - FIN - FIN § 22100.5
Financial Code - FIN - FIN § 22100.5
(a) A person shall not engage in the business of a program administrator without obtaining a license from the commissioner. (b) This section shall become operative on January 1, 2019.
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Financial Code - FIN - FIN § 22101
Financial Code - FIN - FIN § 22101
(a) An application for a license as a finance lender, broker, or program administrator under this division shall be in the form and contain the information that the commissioner may by rule or order require and shall be filed upon payment of the fee specified in Section 22103. (b
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Financial Code - FIN - FIN § 22101.5
Financial Code - FIN - FIN § 22101.5
(a) The commissioner shall submit to the Department of Justice fingerprint images and related information required by the Department of Justice of all finance lender, broker, or program administrator license candidates, as defined by subdivision (a) of Section 22101, for purposes
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Financial Code - FIN - FIN § 22102
Financial Code - FIN - FIN § 22102
(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 S
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Financial Code - FIN - FIN § 22103
Financial Code - FIN - FIN § 22103
(a) At the time of filing the application for a finance lender, broker, program administrator, or branch office license, the applicant shall pay to the commissioner the sum of one hundred dollars ($100) as a fee for investigating the application, plus the cost of fingerprint proc
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Financial Code - FIN - FIN § 22104
Financial Code - FIN - FIN § 22104
(a) The applicant shall file with the application for a finance lender, broker, or program administrator license financial statements prepared in accordance with generally accepted accounting principles and acceptable to the commissioner that indicate a net worth of at least twen
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Financial Code - FIN - FIN § 22105
Financial Code - FIN - FIN § 22105
(a) Upon the filing of an application pursuant to Section 22101 and the payment of the fees, the commissioner shall investigate the applicant and its general partners and persons owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or any
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Financial Code - FIN - FIN § 22105.1
Financial Code - FIN - FIN § 22105.1
(a) An applicant for a mortgage loan originator license shall apply by submitting the uniform form prescribed for such purpose by the Nationwide Mortgage Licensing System and Registry. The commissioner may require the submission of additional information or supporting documentati
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Financial Code - FIN - FIN § 22105.2
Financial Code - FIN - FIN § 22105.2
(a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees
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Financial Code - FIN - FIN § 22105.3
Financial Code - FIN - FIN § 22105.3
(a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and any privilege arising u
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Financial Code - FIN - FIN § 22105.4
Financial Code - FIN - FIN § 22105.4
The commissioner shall regularly report violations of this division, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry, to the extent that information is public record.
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Financial Code - FIN - FIN § 22106
Financial Code - FIN - FIN § 22106
(a) The finance lender, broker, or program administrator license shall state the name of the licensee, and if the licensee is a partnership, the names of its general partners, and if a corporation or an association, the date and place of its incorporation or organization, and the
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Financial Code - FIN - FIN § 22107
Financial Code - FIN - FIN § 22107
(a) Each finance lender, broker, or program administrator licensee shall pay to the commissioner its pro rata share of all costs and expenses, including the costs and expenses associated with the licensing of mortgage loan originators it employs, reasonably incurred in the admini
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Financial Code - FIN - FIN § 22108
Financial Code - FIN - FIN § 22108
(a) The commissioner may by rule require licensees to file, at the times that he or she may specify, the information that he or she may reasonably require regarding any changes in the information provided in any application filed pursuant to this division. (b) The commissioner ma
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Financial Code - FIN - FIN § 22109
Financial Code - FIN - FIN § 22109
(a) Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a finance lender, broker, or program administrator license for any of the following reasons: (1) A false statement of a material fact has been made in the application. (2) The ap
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Financial Code - FIN - FIN § 22109.1
Financial Code - FIN - FIN § 22109.1
(a) The commissioner shall deny an application for a mortgage loan originator license unless the commissioner makes, at a minimum, the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a su
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Financial Code - FIN - FIN § 22109.2
Financial Code - FIN - FIN § 22109.2
(a) An applicant for a mortgage loan originator license shall complete at least 20 hours of education approved in accordance with subdivision (b). The education shall include at least the following: (1) Three hours of instruction on federal law and regulations. (2) Three hours of
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Financial Code - FIN - FIN § 22109.3
Financial Code - FIN - FIN § 22109.3
(a) An applicant for a mortgage loan originator license shall pass a qualified written test developed or otherwise deemed acceptable by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System a