California Financial Code

§ 22104

FIN § 22104 Effective Oct 4, 2017Div. 9 · Ch. 1 · Art. 3

Statute text

(a)The applicant shall file with the application for a finance lender, broker, or program administrator license financial statements prepared in accordance with generally accepted accounting principles and acceptable to the commissioner that indicate a net worth of at least twenty-five thousand dollars ($25,000). Except as provided in subdivisions (b) and (c), a licensee shall maintain a net worth of at least twenty-five thousand dollars ($25,000) at all times.

(b)A licensed finance lender or broker, that employs one or more mortgage loan originators and that makes residential mortgage loans, shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000).

(c)A licensed finance broker, that employs one or more mortgage loan originators and that arranges, but does not make, residential mortgage loans, shall continuously maintain a minimum net worth of at least fifty thousand dollars ($50,000).

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Legislative history

Repealed (in Sec. 29) and added by Stats. 2017, Ch. 475, Sec. 30. (AB 1284) Effective October 4, 2017. Section operative January 1, 2019, by its own provisions.