Today's Law As Amended

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AB-1446 California Finance Lenders Law: violations.(2015-2016)

As Amends the Law Today
As Amends the Law on Nov 20, 2015


 Section 22712 of the Financial Code is amended to read:

 (a) Whenever, in the opinion of the commissioner, any person is engaged in the  business as a broker or  finance lender, broker, program administrator,  or a mortgage loan originator, as defined in this division, without a license from the commissioner, or any licensee  violates any provision of this division, any provision of an order, or any regulation adopted pursuant to this division, the commissioner may order that person or licensee to desist and to refrain from engaging in the business or further continuing that violation. In addition, the commissioner may include a claim for ancillary relief. The ancillary relief may include, but not be limited to, refunds, restitution or disgorgement, or damages on behalf of the persons injured by the act or practice constituting the subject matter of the action.  If, within 30 days after the order is served, a written request for a hearing is filed and no hearing is held within 30 days thereafter, the order is rescinded. For purposes of this section, “licensee” includes a mortgage loan originator.
(b) Notwithstanding subdivision (a), if, after an investigation, the commissioner has reasonable grounds to believe that a person is conducting business in an unsafe or injurious manner, the commissioner shall, by written order addressed to that person, direct the discontinuance of the unsafe or injurious practices. The order shall be effective immediately, but shall not become final except in accordance with the provisions of Section 22717.