California Financial Code

§ 50700

FIN § 50700 Effective Jan 1, 2011Div. 20 · Ch. 9

Statute text

(a)A residential mortgage lender, or a person or employee acting under the authority of a residential mortgage lender’s license, including a mortgage loan originator, shall not provide brokerage services to a borrower, except as provided in subdivision (c).

(b)“Brokerage services” means either of the following:

(1)Obtaining or attempting to obtain, on behalf of a borrower, a residential mortgage loan, as defined in subdivision (p) of Section 50003, secured by residential real estate, as defined in subdivision (v) of Section 50003, made with the funds of another institutional lender, as defined in paragraphs (1), (2), and (4) of subdivision (k) of Section 50003, and closed in the name of that lender, for a fee paid by the borrower or the institutional lender.

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Legislative history

Amended by Stats. 2010, Ch. 287, Sec. 14. (SB 1137) Effective January 1, 2011.