California Financial Code

§ 50317

FIN § 50317 Effective Oct 11, 2009Div. 20 · Ch. 5

Statute text

(a)Any person who has been convicted of, or pleaded nolo contendere to any crime specified in subdivision (b) within the past 10 years or has been held liable in any civil action by final judgment or any administrative judgment by any public agency within the past seven years, of any of the provisions specified in subdivision (b), shall not serve as an officer, director, partner, shareholder controlling 10 percent or more of the ownership interests, trustee, or employee of a residential mortgage lender or residential mortgage loan servicer. This subdivision shall not apply to any person whose office, employment, ownership interest, or other participation in the business of a licensed residential mortgage lender or residential mortgage loan servicer commenced prior to January 1, 1995, or whose criminal conviction, plea, or judgment occurred prior to January 1, 1995.

(b)Subdivision (a) applies to criminal convictions of, pleas of nolo contendere to, or civil or administrative judgments entered for offenses including the following:

(1)Offenses specified in Chapter 18 (commencing with Section 3350) of Division 1.

…

Legislative history

Amended by Stats. 2009, Ch. 160, Sec. 73. (SB 36) Effective October 11, 2009.