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SB-839 Finance lenders and brokers.(2011-2012)

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SB839:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2011–2012 REGULAR SESSION

Senate Bill
No. 839

Introduced  by  Senator Blakeslee

February 18, 2011

An act to amend Section 22100 of the Financial Code, relating to finance lenders.


LEGISLATIVE COUNSEL'S DIGEST


SB 839, as introduced, Blakeslee. Finance lenders and brokers.
Existing law, the California Finance Lenders Law, prohibits a finance lender or broker from making or brokering a residential mortgage loan unless the loan is offered by, negotiated by, or applied for through a licensed mortgage loan originator.
This bill would make a nonsubstantive change to these provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 22100 of the Financial Code is amended to read:

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 compensated by that licensee obtains and maintains a mortgage loan originator license from the commissioner under this division or Division 20 (commencing with Section 50000), or has first obtained a license endorsement from the Commissioner of Real Estate pursuant to Article 2.1 (commencing with Section 10166.01) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code.
(c) A finance lender or broker shall not employ a mortgage loan originator whose license or license endorsement has lapsed.
(d) A finance lender or broker may shall not make or broker a residential mortgage loan unless that loan is offered by, negotiated by, or applied for through a licensed mortgage loan originator.
(e) Every licensee engaged in the business of making or brokering residential mortgage loans and every mortgage loan originator licensed under this division shall register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.