California Code
Financial Code - FIN
DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT

CHAPTER 1 - General

Section 50000. - 50000. This division will be known and may be cited...

Section 50001. - 50001. Unless the context otherwise requires, the definitions in this...

Section 50002. - 50002. (a) No person shall engage in the business of...

Section 50002.5. - 50002.5. (a) Every licensee engaging in the business of making,...

Section 50003. - 50003. (a) “Annual audit” means a certified audit of the...

Section 50003.5. - 50003.5. (a) “Mortgage loan originator” means an individual who, for...

Section 50003.6. - 50003.6. (a) A loan processor or underwriter who does not...

Section 50004. - 50004. “Fraud,” “deceit,” and “defraud” are not limited to common...

Section 50005. - 50005. This division creates and authorizes a class of exempt...

Section 50006. - 50006. No person subject to this law shall use in...

CHAPTER 2 - Licensing: Residential Mortgage Lender

Section 50120. - 50120. (a) A residential mortgage lender shall file an application...

Section 50121. - 50121. The commissioner shall issue a residential mortgage lender license...

Section 50122. - 50122. (a) Except as provided in Section 50120, the information...

Section 50123. - 50123. (a) A residential mortgage lender license shall remain in...

Section 50124. - 50124. (a) A residential mortgage lender or servicer shall do...

Section 50125. - 50125. The commissioner may refuse to issue a residential mortgage...

Section 50126. - 50126. (a) Upon reasonable notice and opportunity to be heard,...

Section 50127. - 50127. The proceedings for a denial of a license shall...

Section 50128. - 50128. As used in this act, the term “principal officer”...

Section 50129. - 50129. (a) A residential mortgage lender or servicer licensed under...

CHAPTER 3 - Licensing: Residential Mortgage Loan Servicer

Section 50130. - 50130. (a) A mortgage servicer shall file an application for...

CHAPTER 3.5 - Mortgage Loan Originators

Section 50140. - 50140. (a) An applicant for a license as a mortgage...

Section 50141. - 50141. (a) The commissioner shall deny an application for a...

Section 50142. - 50142. (a) An applicant for a mortgage loan originator license...

Section 50143. - 50143. (a) An applicant for a mortgage loan originator license...

Section 50144. - 50144. (a) A mortgage loan originator shall comply with the...

Section 50145. - 50145. (a) A licensed mortgage loan originator shall complete at...

Section 50146. - 50146. In addition to any other duties imposed upon the...

CHAPTER 3.6 - Nationwide Mortgage Licensing System and Registry

Section 50150. - 50150. (a) The commissioner is authorized to establish relationships or...

Section 50151. - 50151. (a) Except as otherwise provided in Section 1512 of...

Section 50152. - 50152. The commissioner shall report regularly violations of this division,...

CHAPTER 4 - Financial Condition, Transaction and Bond Requirements

Section 50200. - 50200. (a) At the end of the licensee’s fiscal year,...

Section 50201. - 50201. (a) A licensee issued a license for purposes of...

Section 50202. - 50202. (a) Escrow funds for a purpose authorized by the...

Section 50203. - 50203. (a) A licensee may not require a borrower to...

Section 50204. - 50204. A licensee may not do any of the following:...

Section 50205. - 50205. (a) A residential mortgage lender or servicer licensee shall...

Section 50206. - 50206. (a) Prior to a change of control of the...

Section 50207. - 50207. (a) A license, along with any currently effective order...

Section 50208. - 50208. The license shall state the name of the licensee....

Section 50209. - 50209. The unique identifier of any licensed mortgage loan originator...

CHAPTER 5 - Administration and Powers of the Commissioner

Section 50301. - 50301. Without limitation, the functions, powers, and duties of the...

Section 50302. - 50302. (a) As often as the commissioner deems necessary and...

Section 50303. - 50303. Neither the commissioner nor any employee of the Department...

Section 50304. - 50304. The commissioner may, from time to time, make, amend,...

Section 50305. - 50305. Upon written request from the commissioner, a licensee shall...

Section 50306. - 50306. The commissioner may order a licensee that opens a...

Section 50307. - 50307. (a) Each residential mortgage lender or servicer licensee shall...

Section 50307.1. - 50307.1. The commissioner may, as the commissioner deems necessary, require...

Section 50307.2. - 50307.2. The commissioner may require a licensee that employs one...

Section 50308. - 50308. If any person engaged in the business regulated by...

Section 50309. - 50309. The commissioner may require licensees to maintain a file...

Section 50310. - 50310. Nothing in this law shall preclude a person, other...

Section 50311. - 50311. Nothing in this law shall preclude a person whose...

Section 50312. - 50312. The commissioner, in his or her discretion, may honor...

Section 50313. - 50313. In any proceeding under this law, the burden of...

Section 50314. - 50314. (a) Every person subject to this division shall keep...

Section 50315. - 50315. (a) The commissioner may refer the evidence that is...

Section 50316. - 50316. (a) For any licensee, a disciplinary action taken by...

Section 50316.5. - 50316.5. Notwithstanding any other law, any application for licensure, amendment...

Section 50317. - 50317. (a) Any person who has been convicted of, or...

Section 50318. - 50318. (a) The commissioner may, after appropriate notice and opportunity...

Section 50319. - 50319. (a) If the commissioner, as a result of any...

Section 50320. - 50320. Whenever, in the opinion of the commissioner, a person...

Section 50321. - 50321. If, after investigation, the commissioner has reasonable grounds to...

Section 50322. - 50322. If, after investigation, the commissioner has reasonable grounds to...

Section 50323. - 50323. (a) No order issued pursuant to Section 50321 or...

Section 50324. - 50324. (a) If, after investigation, the commissioner has reasonable grounds...

Section 50325. - 50325. The commissioner may immediately revoke the residential mortgage lender’s,...

Section 50326. - 50326. If any licensee fails to do any of the...

Section 50327. - 50327. (a) The commissioner may, after notice and a reasonable...

Section 50328. - 50328. Except in the case of an exempt person, whenever...

Section 50329. - 50329. (a) In making an investigation or examination authorized by...

Section 50330. - 50330. The authority to make or conduct any examination or...

Section 50331. - 50331. All hearings provided for in this division shall be...

Section 50332. - 50332. Every order, decision, license, or other official act of...

Section 50333. - 50333. (a) The commissioner shall apply the guidance on nontraditional...

CHAPTER 6 - Assessments

Section 50400. - 50400. The commissioner has the authority to levy assessments for...

Section 50401. - 50401. (a) In addition to other fees and reimbursements required...

Section 50402. - 50402. Notwithstanding subdivision (a) of Section 50401, if the commissioner...

CHAPTER 7 - Prohibited Practices and Penalties

Section 50500. - 50500. Any person who willfully violates any provision of this...

Section 50501. - 50501. (a) Any person who violates a provision of this...

Section 50501.5. - 50501.5. (a) If, upon inspection, examination, or investigation, the commissioner...

Section 50502. - 50502. It is a violation of this division for any...

Section 50503. - 50503. (a) It is a violation for any person subject...

Section 50504. - 50504. (a) If an amount other than or in excess...

Section 50505. - 50505. Any person who violates any provision of any of...

Section 50506. - 50506. Any director, officer, partner, trustee, or employee of a...

Section 50507. - 50507. Any director, officer, partner, trustee, or employee of a...

Section 50508. - 50508. Any director, officer, partner, trustee, or employee of a...

Section 50509. - 50509. Any officer, director, partner, trustee, or employee of any...

Section 50510. - 50510. Nothing in this chapter shall be construed to authorize...

Section 50511. - 50511. The commissioner may, subject to the requirements of subdivisions...

Section 50512. - 50512. (a) It is unlawful for any person to knowingly...

Section 50513. - 50513. (a) The commissioner may do one or more of...

CHAPTER 9 - Brokerage Services for Borrowers

Section 50700. - 50700. (a) A residential mortgage lender, or a person or...

Section 50701. - 50701. (a) As soon as practical after a borrower requests...

Section 50702. - 50702. (a) The annual report required by Section 50401(a) shall...

Section 50703. - 50703. Notwithstanding Section 10248.3 of the Business and Professions Code,...

Section 50706. - 50706. (a) Except as provided in subdivision (b), the commissioner...