Code Section

Financial Code - FIN

DIVISION 9. CALIFORNIA FINANCING LAW [22000 - 22780]

  ( Heading of Division 9 amended by Stats. 2017, Ch. 475, Sec. 3. )
  

CHAPTER 4. Revocation and Penalties [22700 - 22780]

  ( Chapter 4 added by Stats. 1994, Ch. 1115, Sec. 2. )
  

ARTICLE 1. Revocation and Suspension of License [22700 - 22718]
  ( Article 1 added by Stats. 1994, Ch. 1115, Sec. 2. )

  
22700.  

(a) Finance lender, broker, and program administrator licenses issued under this division shall remain in effect until they are surrendered, revoked, or suspended.

(b) Mortgage loan originator licenses issued under this division shall be renewed annually upon the payment of an annual assessment, and, if renewed by the licensee, shall remain in effect until they are surrendered, revoked, or suspended.

(c) Surrender of a license becomes effective 30 days after receipt of an application to surrender the license or within a shorter period of time that the commissioner may determine, unless a revocation or suspension proceeding is pending when the application is filed or a proceeding to revoke or suspend or to impose conditions upon the surrender is instituted within 30 days after the application is filed. If a proceeding is pending or instituted, surrender of a license becomes effective at the time and upon the conditions that the commissioner determines.

(d) This section shall become operative on January 1, 2019.

(Repealed (in Sec. 72) and added by Stats. 2017, Ch. 475, Sec. 73. (AB 1284) Effective October 4, 2017. Section operative January 1, 2019, by its own provisions.)