California Business and Professions Code

§ 10166.05

BPC § 10166.05 Effective Jan 1, 2012Div. 4 · Part 1 · Ch. 3 · Art. 2.1

Statute text

Notwithstanding any other provision of law, the commissioner shall not issue a license endorsement to act as a mortgage loan originator to an applicant unless the commissioner makes all of the following findings:

(a)The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of a revocation shall not be deemed a revocation.

(b)(1) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application for licensing, or at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering. Whether a particular crime is classified as a felony shall be determined by the law of the jurisdiction in which an individual is convicted.

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Legislative history

Amended by Stats. 2011, Ch. 444, Sec. 1. (SB 217) Effective January 1, 2012.