California Financial Code

§ 22100

FIN § 22100 Effective Jan 1, 2013Div. 9 · Ch. 1 · Art. 3

Statute text

(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.

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Legislative history

Amended by Stats. 2012, Ch. 264, Sec. 4. (AB 2666) Effective January 1, 2013.