California Financial Code

§ 22374

FIN § 22374 Effective Jan 1, 2016Div. 9 · Ch. 2 · Art. 3.6

Statute text

(a)A finder may be compensated by the licensee pursuant to the written agreement between the licensee and the finder, as described in Section 22376. Compensation may be paid in accordance with a compensation schedule that is mutually agreed to by the licensee and the finder.

(b)Notwithstanding subdivision (a), the compensation of a finder by a licensee shall be subject to all of the following requirements:

(1)No compensation shall be paid to a finder in connection with a loan application unless that loan is consummated.

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Legislative history

Amended by Stats. 2015, Ch. 505, Sec. 4. (SB 235) Effective January 1, 2016. Repealed as of January 1, 2028, pursuant to Section 22381.