California Financial Code

§ 50701

FIN § 50701 Effective Oct 11, 2009Div. 20 · Ch. 9

Statute text

(a)As soon as practical after a borrower requests that the residential mortgage lender licensee arrange a loan to be made by another institutional lender, and before the licensee performs brokerage services for the borrower, the licensee and borrower shall enter into a written loan brokerage agreement that satisfies the requirements of this section.

(b)Both the licensee’s authorized representative, who shall be a licensed mortgage loan originator, and the borrower shall sign and date the loan brokerage agreement, and the licensee shall deliver a copy of the fully executed loan brokerage agreement to the borrower either upon execution, if the documents are signed in the licensee’s office, or within three business days after execution.

(c)The loan brokerage agreement shall include the mortgage loan originator’s unique identifier.

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Legislative history

Amended by Stats. 2009, Ch. 160, Sec. 83. (SB 36) Effective October 11, 2009.