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Financial Code - FIN - FIN § 50152
Financial Code - FIN - FIN § 50152
The commissioner shall report regularly 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 § 502
Financial Code - FIN - FIN § 502
(a) The commissioner may by order or regulation grant exemptions from this section in cases where the commissioner finds that the requirements of this section are not necessary. (b) Each California state bank shall, within 90 days after the end of each fiscal year, or within such
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Financial Code - FIN - FIN § 50200
Financial Code - FIN - FIN § 50200
(a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this section, each licensed residential mortgage lender or servicer shall cause its books and accounts to be audited by an independent certified public acco
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Financial Code - FIN - FIN § 50201
Financial Code - FIN - FIN § 50201
(a) A licensee issued a license for purposes of making or servicing residential mortgage loans, including a licensee employing one or more mortgage loan originators, shall continuously maintain a minimum tangible net worth at all times of two hundred fifty thousand dollars ($250,
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Financial Code - FIN - FIN § 50202
Financial Code - FIN - FIN § 50202
(a) Escrow funds for a purpose authorized by the residential mortgage loan contract (1) shall be subject to and satisfy all applicable state and federal requirements, including Section 2609 of the federal Real Estate Settlement Procedures Act of 1974, as amended (12 U.S.C. Sec. 2
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Financial Code - FIN - FIN § 50203
Financial Code - FIN - FIN § 50203
(a) A licensee may not require a borrower to pay fees or charges prior to the residential mortgage loan closing, except for: (1) Actual charges to be incurred by the licensee on behalf of the borrower for services from third parties necessary to process the application, such as c
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Financial Code - FIN - FIN § 50204
Financial Code - FIN - FIN § 50204
A licensee may not do any of the following: (a) Disburse the mortgage loan proceeds in a form other than direct deposit to the borrower’s or borrower’s designee’s account, wire, bank or certified check, ACH funds transfer, or attorney’s check drawn on a trust account. An entity m
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Financial Code - FIN - FIN § 50205
Financial Code - FIN - FIN § 50205
(a) A residential mortgage lender or servicer licensee shall maintain a surety bond in accordance with this subdivision. The bond shall be used for the recovery of expenses, fines, and fees levied by the commissioner in accordance with this division or for losses or damages incur
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Financial Code - FIN - FIN § 50206
Financial Code - FIN - FIN § 50206
(a) Prior to a change of control of the business of a licensee, the person wishing to acquire control shall submit an application to the commissioner and pay an investigation fee of one hundred dollars ($100). The application shall contain the information that the commissioner, b
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Financial Code - FIN - FIN § 50207
Financial Code - FIN - FIN § 50207
(a) A license, along with any currently effective order of the commissioner approving use of a different name pursuant to Sections 50120 and 50130, shall be conspicuously posted in the place of business authorized by the license. (b) A license is not transferable or assignable. A
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Financial Code - FIN - FIN § 50208
Financial Code - FIN - FIN § 50208
The license shall state the name of the licensee. If the licensee is a partnership, the license shall state the names of its general partners. If the licensee is a corporation or an association, the license shall state the date and place of the corporation’s incorporation or orga
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Financial Code - FIN - FIN § 50209
Financial Code - FIN - FIN § 50209
The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or Internet Web sites, and any other documents as established by rule, regulation,
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Financial Code - FIN - FIN § 503
Financial Code - FIN - FIN § 503
The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreign banking corporation is such as to require such audit, may require any bank, trust company, or foreign banking corporation to employ a certified public accountant to make a specia
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Financial Code - FIN - FIN § 50301
Financial Code - FIN - FIN § 50301
Without limitation, the functions, powers, and duties of the commissioner include the following: (a) To issue or refuse to issue a license as provided by this division. (b) To revoke or suspend for cause any license as provided by this division. (c) To keep records of licenses is
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Financial Code - FIN - FIN § 50302
Financial Code - FIN - FIN § 50302
(a) As often as the commissioner deems necessary and appropriate, but at least once every 48 months, the commissioner shall examine the affairs of each residential mortgage lender and servicer licensee for compliance with this division. The commissioner shall appoint suitable per
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Financial Code - FIN - FIN § 50303
Financial Code - FIN - FIN § 50303
Neither the commissioner nor any employee of the Department of Financial Protection and Innovation shall be precluded from obtaining a residential mortgage loan from a lender licensed under this division, subject to the rules that may be adopted hereunder or pursuant to other pro
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Financial Code - FIN - FIN § 50304
Financial Code - FIN - FIN § 50304
The commissioner may, from time to time, make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of this law, including rules and forms governing applications and reports, and defining any terms, whether or not used in this law, provid
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Financial Code - FIN - FIN § 50305
Financial Code - FIN - FIN § 50305
Upon written request from the commissioner, a licensee shall forward authorization to release workpapers of the licensee’s independent auditor to the commissioner within two business days of receiving the request.
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Financial Code - FIN - FIN § 50306
Financial Code - FIN - FIN § 50306
The commissioner may order a licensee that opens a branch office in this state or changes its business location or its locations from which activities subject to this law are conducted, without first notifying the commissioner in writing, as required by Section 50124, to forfeit
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Financial Code - FIN - FIN § 50307
Financial Code - FIN - FIN § 50307
(a) Each residential mortgage lender or servicer licensee shall file a report with the commissioner annually, on or before the first day of March, giving the relevant information that the commissioner reasonably requires to make the calculation required by subdivision (a) of Sect
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Financial Code - FIN - FIN § 50307.1
Financial Code - FIN - FIN § 50307.1
The commissioner may, as the commissioner deems necessary, require licensees to provide reports concerning their residential mortgage loan servicing activities, including, but not limited to, information similar to that collected in connection with the Mortgage Servicers Survey,
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Financial Code - FIN - FIN § 50307.2
Financial Code - FIN - FIN § 50307.2
The commissioner may require a licensee that employs one or more mortgage loan originators to submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing
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Financial Code - FIN - FIN § 50308
Financial Code - FIN - FIN § 50308
If any person engaged in the business regulated by this division refers in any advertising to rates of interest, charges, or costs of loans, the commissioner shall require that they are stated fully and clearly in the manner that he or she deems necessary to give adequate informa
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Financial Code - FIN - FIN § 50309
Financial Code - FIN - FIN § 50309
The commissioner may require licensees to maintain a file of all advertising copy for a period of 90 days from the date of its use. The file shall be available to the commissioner upon request.
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Financial Code - FIN - FIN § 50310
Financial Code - FIN - FIN § 50310
Nothing in this law shall preclude a person, other than a mortgage loan originator, whose license has been suspended or revoked, summarily or otherwise, from continuing to service residential mortgage loans pursuant to servicing contracts in existence at the time of the suspensio