California Business and Professions Code

§ 10166.15

BPC § 10166.15 Effective Jan 1, 2023Div. 4 · Part 1 · Ch. 3 · Art. 2.1

Statute text

(a)The commissioner shall regularly report violations of this article, as well as enforcement actions taken against any mortgage loan originator to whom an endorsement has been issued, and enforcement actions taken against any individual for failure to obtain an endorsement as a mortgage loan originator, to the Nationwide Multistate Licensing System and Registry.

(b)The commissioner shall establish a process that may be used by mortgage loan originators to challenge information entered into the Nationwide Multistate Licensing System and Registry by the commissioner.

(c)The commissioner is authorized to promulgate regulations specifying (1) the recordkeeping requirements that mortgage loan originators shall satisfy and (2) the penalties that shall apply to mortgage loan originators for violations of this article.

Legislative history

Amended by Stats. 2022, Ch. 511, Sec. 65. (SB 1495) Effective January 1, 2023.