California Financial Code

§ 22154

FIN § 22154 Effective Jan 1, 2023Div. 9 · Ch. 1 · Art. 4

Statute text

(a)Subject to Section 22157.1, a licensee shall not conduct the business of making loans or administering a PACE program under this division within any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, except as is authorized in writing by the commissioner upon the commissioner’s finding that the character of the other business is such that the granting of the authority would not facilitate evasions of this division or of the rules and regulations made pursuant to this division. An authorization, once granted, remains in effect until revoked by the commissioner. The commissioner may authorize the other business through the Nationwide Mortgage Licensing System and Registry.

(b)The products or services of an affiliated corporation of the licensee that is a supervised financial institution, or a parent or subsidiary of a supervised financial institution that is an affiliate of the licensee, may be provided, offered, or sold at the licensed location of the licensee without authorization by the commissioner pursuant to subdivision (a) if both of the following are met:

(1)The activity is not prohibited by, or in violation of, the laws applicable to the affiliate or supervised financial institution.

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Legislative history

Amended by Stats. 2022, Ch. 181, Sec. 1. (AB 2001) Effective January 1, 2023.