California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 4890 — Promptly after a merger becomes effective: (a) The surviving depository corporation shall: (1) Surrender to the regulator of the disappearing depository corporation for cancellation the certificates o
• § 4891 — (a) After a merger becomes effective, the commissioner shall, upon application, issue a certificate under his or her official seal, stating that the disappearing depository corporation merged into the
• § 4895.01 — In this article, unless the context otherwise requires, “merger” means any of the mergers described in Section 4895.
• § 4895.02 — With the approval of the commissioner: (a) A California depository corporation may merge into a California state-licensed foreign (other nation) bank pursuant to (1) this article, (2) in case the disa
• § 4895.03 — In case the disappearing depository corporation is a California state depository corporation, a merger is subject to the provisions of Section 1108 of the Corporations Code.
• § 4895.04 — (a) In case the disappearing depository corporation is a California state depository corporation, a merger has the same effect as provided in Section 1107 of the Corporations Code and Section 4889 in
• § 4895.05 — (a) A merger shall not become effective unless it has been approved by the commissioner.
• § 4895.06 — A merger is subject to the provisions of Sections 4884 to 4885, inclusive, and 4888 to 4891, inclusive, as if the merger were a merger of the type defined in Section 4880.
• § 4900 — In this article, unless the context otherwise requires, “merger” means any of the mergers described in Section 4901.
• § 4901 — (a) A California state bank may merge into a national banking association, a California federally licensed foreign (other nation) bank, or an insured foreign (other state) state bank pursuant to (1) t
• § 4901.5 — (a) No provision of Division 1.
• § 4902 — A merger is subject to the provisions of Section 1108 of the Corporations Code.
• § 4903 — A merger shall have the same effect as provided in Section 1107 of the Corporations Code and as provided in Section 4889 in the case of a merger of the type defined in Section 4880.
• § 4904 — Promptly after a merger becomes effective, the surviving depository corporation shall: (1) Surrender to the commissioner for cancellation the certificates of authority or licenses issued by the commis
• § 4905 — (a) After a merger becomes effective, the surviving depository corporation may issue an officer’s certificate, stating that the disappearing depository corporation merged into the surviving depository
• § 4908.01 — In this article, unless the context otherwise requires, “merger” means any of the mergers described in Section 4908.
• § 4908.02 — With the approval of the commissioner, a California state independent trust company may merge into an uninsured foreign (other state) state depository corporation pursuant to this article and the law
• § 4908.03 — A merger is subject to the provisions of Section 1108 of the Corporations Code.
• § 4908.04 — A disappearing or surviving depository corporation shall file an application for approval of a merger with the commissioner.
• § 4908.05 — A merger shall not become effective unless it has been approved by the commissioner.
• § 4908.06 — If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the application: (a) That the shareholders’ equity of the survivi
• § 4908.07 — After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner shall approve the merger.
• § 4908.08 — A merger shall have the same effect as provided in Section 1107 of the Corporations Code and Section 4889 in the case of a merger of the type defined in Section 4880.
• § 4908.09 — Promptly after a merger becomes effective, the surviving depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued by the commis
• § 4908.10 — (a) After a merger becomes effective, the surviving depository corporation may issue an officers’ certificate, stating that the disappearing depository corporation merged into the surviving depository
• § 4920 — In this article, unless the context otherwise requires, “conversion” means any of the conversions described in Section 4921.
• § 4921 — With the approval of the commissioner, a California state depository corporation of any class may convert into a California state depository corporation of another class pursuant to this article.
• § 4922 — (a) A converting depository corporation shall adopt, and shall file with the commissioner an application for approval of, such amendments to its articles as may be necessary to carry out the conversio
• § 4923 — In obtaining the approval of outstanding shares or shareholders required for any amendment to articles or bylaws called for in Section 4922, a converting depository corporation shall provide to its sh
• § 4924 — A converting depository corporation shall file with the commissioner an application for approval of the conversion.
• § 4925 — If the commissioner finds all of the following with respect to an application for approval of a conversion, the commissioner shall approve the application: (a) That the shareholders equity of the resu
• § 4927 — After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner shall approve the amendments to the articles of
• § 4928 — When a conversion becomes effective, the commissioner shall: (a) (1) In case the resulting depository corporation is a California state bank, issue to the resulting depository corporation a certificat
• § 4929 — Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued to the co
• § 4930 — (a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the converting depository corporation converted int
• § 4940 — In this article, unless the context otherwise requires, “conversion” means any of the conversions described in Section 4941.
• § 4941 — With the approval of the commissioner: (a) A national banking association may convert into a California state bank pursuant to this article and federal law.
• § 4942 — A converting depository corporation shall adopt a plan of conversion pursuant to the provisions of federal law.
• § 4943 — In obtaining any approval of outstanding shares required for a plan of conversion, a converting depository corporation shall provide to its shareholders information as the commissioner may require.
• § 4944 — A converting depository corporation shall file the following with the commissioner: (a) The plan of conversion.
• § 4945 — If the commissioner finds all of the factors set forth in Section 4925 with respect to an application for approval of a conversion, the commissioner shall approve the application.
• § 4946 — After an application for approval of a conversion has been approved by the commissioner but before the conversion becomes effective, the converting depository corporation shall file with the commissio
• § 4948 — (a) After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner shall: (1) In case the resulting depository
• § 4949 — When a conversion becomes effective, the commissioner shall issue to the resulting depository corporation certificates of authority, licenses, or other appropriate authorizations for the branch office
• § 4950 — When a conversion becomes effective: (a) The converting depository corporation shall cease to exist.
• § 4951 — Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the regulator of the converting depository corporation for cancellation the certificates of
• § 4952 — (a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the converting depository corporation was converted
• § 4960 — In this article, unless the context otherwise requires, “conversion” means any of the conversions described in Section 4961.
• § 4961 — (a) A California state bank may convert into a national banking association pursuant to this article and federal law.
• § 4961.5 — (a) No provision of Division 1.
• § 4962 — (a) A converting depository corporation shall make a plan of conversion, stating: (1) That the converting depository corporation shall be converted into the resulting depository corporation.
• § 4963 — A conversion shall have the same effect as provided in Section 4950 in the case of a conversion of the type defined in Section 4940.
• § 4964 — Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued by the co
• § 4965 — (a) After a conversion becomes effective, the resulting depository corporation may issue an officers’ certificate, stating that the converting depository corporation converted into the resulting depos
• § 4966 — (a) Within 60 days after a conversion, the resulting depository corporation shall file with the Secretary of State an officers’ certificate reciting the name of the converting depository corporation,
• § 4970 — For purposes of this division: (a) “Annual percentage rate” means the annual percentage rate for the loan calculated according to the provisions of the federal Truth in Lending Act and the regulations
• § 4973 — The following are prohibited acts and limitations for covered loans: (a) (1) A covered loan shall not include a prepayment fee or penalty after the first 36 months after the date of consummation of th
• § 4974 — (a) Any compliance failure that was not willful or intentional and resulted from a bona fide error, that occurred notwithstanding the maintenance of procedures reasonably adopted to avoid those errors
• § 4975 — (a) (1) Any licensed person who violates any provision of Section 4973, 4979.
• § 4977 — (a) A licensing agency may, after appropriate notice and opportunity for hearing, by order levy administrative penalties against a person who violates any provision of this division, and the person sh
• § 4978 — (a) A person who fails to comply with the provisions of this division is civilly liable to the consumer in an amount equal to any actual damages suffered by the consumer, plus attorneys fees and costs
• § 4978.6 — A person who originates covered loans shall inform any employee, who originates covered loans on behalf of the person, of the administrative or civil penalties for a violation of this division.
• § 4979 — Upon request, a person who originates a covered loan shall provide the licensing agency or the consumer, at no cost, documentation regarding his or her loan that clearly demonstrates whether any loan
• § 4979.5 — (a) A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer loan secured by real property, is the fiduciary of th
• § 4979.6 — A person who originates a covered loan shall not make a covered loan that finances points and fees in excess of one thousand dollars ($1,000) or 6 percent of the original principal balance, exclusive
• § 4979.7 — On or after July 1, 2002, a person who originates a consumer loan shall not finance, directly or indirectly, into a consumer loan or finance to the same borrower within 30 days of a consumer loan any
• § 4979.8 — The provisions of this division shall not impose liability on an assignee that is a holder in due course.
• § 4981 — Any financial institution doing business in this state, or any other person, that sells to the public at any retail branch office at which deposits are accepted, any security which is not a deposit, a
• § 4982 — Any violation of this division by a bank is a violation of Division 1.
• § 4983 — Nothing in this division shall be construed or interpreted to mean that this division in any way gives a financial institution the authority to offer or sell any type of security that it could not oth
• § 4990 — (a) Any person convicted of a felony violation of any of the provisions specified in subdivision (b) shall not serve in any capacity as a director or officer or in any other position involving any man
• § 4991 — (a) In response to a request by another bank, savings association, credit union, or any other financial institution it is not unlawful for a bank, savings association, credit union, or any other finan
• § 4995 — The following definitions shall apply for purposes of this division: (a) “Higher-priced mortgage loan” has the meaning set forth in Section 1026.
• § 4995.1 — Notwithstanding any other provision of law, the maximum amount of a prepayment penalty that may be imposed by a licensed person in connection with a higher-priced mortgage loan shall not exceed 2 perc
• § 4995.2 — (a) This division shall apply to any licensed person who in bad faith attempts to avoid the application of this division by doing either of the following: (1) Dividing any loan transaction into separa
• § 4995.3 — (a) Any licensed person who violates any provision of this division shall be deemed to have violated that person’s licensing law.
• § 4995.4 — The provisions of this division shall apply to higher-priced mortgage loans originated on or after July 1, 2010.
• § 4995.5 — The provisions of this division are severable.
• § 4995.6 — Nothing in this division shall be construed to affect any other rights or remedies otherwise available under the law.
• § 5 — Division, part, chapter, article, and section headings do not in any manner affect the scope, meaning, or intent of the provisions of this code.
• § 500 — (a) (1) For purposes of this section, “foreign bank” means the business in this state of every foreign (other nation) bank licensed under Article 3 (commencing with Section 1800) of Chapter 20 of Divi
• § 5000 — This division may be cited as the “Savings Association Law.
• § 50000 — This division will be known and may be cited as the California Residential Mortgage Lending Act.
• § 50001 — Unless the context otherwise requires, the definitions in this chapter apply throughout this division.
• § 50002 — (a) No person shall engage in the business of making residential mortgage loans or servicing residential mortgage loans, in this state, without first obtaining a license from the commissioner in accor
• § 50002.5 — (a) Every licensee engaging in the business of making, servicing, or making and servicing residential mortgage loans shall require that every mortgage loan originator employed or compensated by that l
• § 50003 — (a) “Annual audit” means a certified audit of the licensee’s books, records, and systems of internal control performed by an independent certified public accountant in accordance with generally accept
• § 50003.5 — (a) “Mortgage loan originator” means an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates t
• § 50003.6 — (a) A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery,
• § 50004 — “Fraud,” “deceit,” and “defraud” are not limited to common law fraud or deceit.
• § 50005 — This division creates and authorizes a class of exempt persons pursuant to Section 1 of Article XV of the California Constitution.
• § 50006 — No person subject to this law shall use in its name “bank,” “trust,” “trustee,” “loan association,” or related terms.
• § 501 — (a) Whenever, in the judgment of the commissioner, it is necessary or advisable to make an extra examination of or to devote any extraordinary attention to any bank, any foreign bank, or any office of
• § 50120 — (a) A residential mortgage lender shall file an application for licensure under this chapter with the commissioner to make or service residential mortgage loans in this state.
• § 50121 — The commissioner shall issue a residential mortgage lender license upon the satisfaction of all of the following: (a) The filing with the commissioner of a complete and executed application for licens
• § 50122 — (a) Except as provided in Section 50120, the information provided on an application for a residential mortgage lender, residential mortgage servicer, or residential mortgage lender and servicer licens
• § 50123 — (a) A residential mortgage lender license shall remain in effect until suspended, surrendered, or revoked.
• § 50124 — (a) A residential mortgage lender or servicer shall do all of the following: (1) Maintain staff adequate to meet the requirements of this division, as prescribed by rule or order of the commissioner.
• § 50125 — The commissioner may refuse to issue a residential mortgage lender or servicer license if any of the following apply: (a) The applicant is not in material compliance with a provision of this division
• § 50126 — (a) Upon reasonable notice and opportunity to be heard, the commissioner may deny an application for any of the following reasons: (1) A false statement of a material fact has been made in the applica
• § 50127 — The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and the commissione
• § 50128 — As used in this act, the term “principal officer” means an officer with direct responsibility for the conduct of the residential mortgage lender or servicer licensee’s or license applicant’s lending o
• § 50129 — (a) A residential mortgage lender or servicer licensed under this chapter may, under the authority of that license and subject to the provisions of this division, do both of the following: (1) Engage
• § 50130 — (a) A mortgage servicer shall file an application for licensure under this chapter with the commissioner to service mortgage loans in this state by satisfying the requirements of this chapter and the
• § 50140 — (a) An applicant for a license as a mortgage loan originator shall apply by submitting the uniform form prescribed for that purpose by the Nationwide Mortgage Licensing System and Registry.
• § 50141 — (a) The commissioner shall deny an application for a mortgage loan originator license unless the commissioner makes at a minimum the following findings: (1) The applicant has never had a mortgage loan
• § 50142 — (a) An applicant for a mortgage loan originator license shall complete at least 20 hours of education approved in accordance with subdivision (b).
• § 50143 — (a) An applicant for a mortgage loan originator license shall pass a qualified written test developed or otherwise deemed acceptable by the Nationwide Mortgage Licensing System and Registry and admini
• § 50144 — (a) A mortgage loan originator shall comply with the requirements of this section on or before December 31 of every year.
• § 50145 — (a) A licensed mortgage loan originator shall complete at least eight hours of continuing education approved in accordance with subdivision (b).
• § 50146 — In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing S
• § 50150 — (a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing
• § 50151 — (a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal law or the Information Practices Act (Chapter 1 (commencing with Section 1798) of Part 4 of Divisio
• § 50152 — The commissioner shall report regularly violations of this division, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry, to the ext
• § 502 — (a) The commissioner may by order or regulation grant exemptions from this section in cases where the commissioner finds that the requirements of this section are not necessary.
• § 50200 — (a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this section, each licensed residential mortgage lender or servicer shall ca
• § 50201 — (a) A licensee issued a license for purposes of making or servicing residential mortgage loans, including a licensee employing one or more mortgage loan originators, shall continuously maintain a mini
• § 50202 — (a) Escrow funds for a purpose authorized by the residential mortgage loan contract (1) shall be subject to and satisfy all applicable state and federal requirements, including Section 2609 of the fed
• § 50203 — (a) A licensee may not require a borrower to pay fees or charges prior to the residential mortgage loan closing, except for: (1) Actual charges to be incurred by the licensee on behalf of the borrower
• § 50204 — A licensee may not do any of the following: (a) Disburse the mortgage loan proceeds in a form other than direct deposit to the borrower’s or borrower’s designee’s account, wire, bank or certified chec
• § 50205 — (a) A residential mortgage lender or servicer licensee shall maintain a surety bond in accordance with this subdivision.
• § 50206 — (a) Prior to a change of control of the business of a licensee, the person wishing to acquire control shall submit an application to the commissioner and pay an investigation fee of one hundred dollar
• § 50207 — (a) A license, along with any currently effective order of the commissioner approving use of a different name pursuant to Sections 50120 and 50130, shall be conspicuously posted in the place of busine
• § 50208 — The license shall state the name of the licensee.
• § 50209 — The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or
• § 503 — The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreign banking corporation is such as to require such audit, may require any bank, trust company, or fore
• § 50301 — Without limitation, the functions, powers, and duties of the commissioner include the following: (a) To issue or refuse to issue a license as provided by this division.
• § 50302 — (a) As often as the commissioner deems necessary and appropriate, but at least once every 48 months, the commissioner shall examine the affairs of each residential mortgage lender and servicer license
• § 50303 — Neither the commissioner nor any employee of the Department of Financial Protection and Innovation shall be precluded from obtaining a residential mortgage loan from a lender licensed under this divis
• § 50304 — The commissioner may, from time to time, make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of this law, including rules and forms governing applicati
• § 50305 — Upon written request from the commissioner, a licensee shall forward authorization to release workpapers of the licensee’s independent auditor to the commissioner within two business days of receiving
• § 50306 — The commissioner may order a licensee that opens a branch office in this state or changes its business location or its locations from which activities subject to this law are conducted, without first
• § 50307 — (a) Each residential mortgage lender or servicer licensee shall file a report with the commissioner annually, on or before the first day of March, giving the relevant information that the commissioner
• § 50307.1 — The commissioner may, as the commissioner deems necessary, require licensees to provide reports concerning their residential mortgage loan servicing activities, including, but not limited to, informat
• § 50307.2 — The commissioner may require a licensee that employs one or more mortgage loan originators to submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in su
• § 50308 — If any person engaged in the business regulated by this division refers in any advertising to rates of interest, charges, or costs of loans, the commissioner shall require that they are stated fully a
• § 50309 — The commissioner may require licensees to maintain a file of all advertising copy for a period of 90 days from the date of its use.
• § 50310 — Nothing in this law shall preclude a person, other than a mortgage loan originator, whose license has been suspended or revoked, summarily or otherwise, from continuing to service residential mortgage
• § 50311 — Nothing in this law shall preclude a person whose license has been suspended or revoked, summarily or otherwise, from making a residential mortgage loan pursuant to a commitment issued by that person
• § 50312 — The commissioner, in his or her discretion, may honor requests from interested persons for interpretive opinions.
• § 50313 — In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• § 50314 — (a) Every person subject to this division shall keep documents and records that will properly enable the commissioner to determine whether the residential mortgage lending or residential mortgage loan
• § 50315 — (a) The commissioner may refer the evidence that is available concerning any violation of this law or of any rule or order adopted under this division to the district attorney of the county in which t
• § 50316 — (a) For any licensee, a disciplinary action taken by the State of California, another state, any agency of the federal government, or another country for any action substantially related to the activi
• § 50316.5 — Notwithstanding any other law, any application for licensure, amendment to the application or registration document or notice filed under any of the laws administered by the Department of Financial Pr
• § 50317 — (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
• § 50318 — (a) The commissioner may, after appropriate notice and opportunity for hearing, by order censure or suspend for a period not exceeding 12 months, or bar from any position of employment, management, or
• § 50319 — (a) If the commissioner, as a result of any examination or from any report made to him or her, shall find that any person subject to this division is in an insolvent condition, is conducting business
• § 50320 — Whenever, in the opinion of the commissioner, a person is engaged, either actually or through subterfuge, in the business of making residential mortgage loans, servicing residential mortgage loans, or
• § 50321 — If, after investigation, the commissioner has reasonable grounds to believe that any licensee is violating or has violated its articles of incorporation or any law or rule binding upon it, the commiss
• § 50322 — If, after investigation, the commissioner has reasonable grounds to believe that any licensee is conducting or has conducted business in an unsafe or injurious manner, the commissioner shall, by writt
• § 50323 — (a) No order issued pursuant to Section 50321 or 50322 may become final except after notice to the affected licensee of the commissioner’s intention to make the order final and of the reasons for the
• § 50324 — (a) If, after investigation, the commissioner has reasonable grounds to believe that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of th
• § 50325 — The commissioner may immediately revoke the residential mortgage lender’s, residential mortgage loan servicer’s, or mortgage loan originator’s license if the licensee fails to comply with any order is
• § 50326 — If any licensee fails to do any of the following, the licensee shall forfeit to the people of the state a sum of up to one hundred dollars ($100) for every day up to the 10th day: (a) to make any repo
• § 50327 — (a) The commissioner may, after notice and a reasonable opportunity to be heard, deny, decline to renew, suspend, or revoke any license if the commissioner finds that: (1) The licensee has violated an
• § 50328 — Except in the case of an exempt person, whenever the commissioner deems it to be necessary for the public interest, the commissioner has continuous authority to exercise the powers set forth in this d
• § 50329 — (a) In making an investigation or examination authorized by this division, the commissioner may, for a reasonable time not exceeding 30 days, control access to any documents and records of the license
• § 50330 — The authority to make or conduct any examination or investigation may be delegated by the commissioner to any deputy, investigator, examiner, or auditor appointed for that purpose.
• § 50331 — All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code.
• § 50332 — Every order, decision, license, or other official act of the commissioner is subject to review, in accordance with law.
• § 50333 — (a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and the American Association of Resid
• § 504 — The commissioner, for good cause, at any time and from time to time may employ appraisers to appraise the value of any investment, asset, or property held or upon which a lien is held as security for
• § 50400 — The commissioner has the authority to levy assessments for the support of this part as provided for in this chapter.
• § 50401 — (a) In addition to other fees and reimbursements required to be paid under this division, each residential mortgage lender or servicer licensee shall pay to the commissioner an amount equal to the les
• § 50402 — Notwithstanding subdivision (a) of Section 50401, if the commissioner determines that the charges and assessments set forth in this division for any year are in excess of the amount necessary, or are
• § 505 — The commissioner, a deputy commissioner, and every examiner assigned to an examination may administer an oath to any person whose testimony is required for the purposes of any examination authorized b
• § 50500 — Any person who willfully violates any provision of this division, or any rule or order under this division, shall, upon conviction, be subject to a fine of not more than ten thousand dollars ($10,000)
• § 50501 — (a) Any person who violates a provision of this division, or any rule or order under this division, shall be liable for a civil penalty not to exceed two thousand five hundred dollars ($2,500) for eac
• § 50501.5 — (a) If, upon inspection, examination, or investigation, the commissioner has cause to believe that a licensee or person is violating or has violated any provision of this division or any rule or order
• § 50502 — It is a violation of this division for any person to make any untrue statement of a material fact in any document filed with the commissioner under this division or rules adopted thereunder, or to omi
• § 50503 — (a) It is a violation for any person subject to this law or any director, partner, shareholder controlling an ownership interest of 10 percent or more, trustee, officer, agent, or employee of any such
• § 50504 — (a) If an amount other than or in excess of the charges permitted by this division is willfully charged, contracted for, or received, in addition to any other penalties or remedies, the commissioner m
• § 50505 — Any person who violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement Procedures Act, as amended (12 U.
• § 50506 — Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affiliates who knowingly receives or appropriates any of the licensee’s property, other than in payment
• § 50507 — Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affiliates who knowingly makes or concurs in making or publishing any false entry in its books or record
• § 50508 — Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affiliates who makes a false entry in any book or record of the business, or in connection with any tran
• § 50509 — Any officer, director, partner, trustee, or employee of any entity who abstracts or misapplies any of the money, funds, or property of a licensee, or misapplies its credit, or abstracts or misapplies
• § 50510 — Nothing in this chapter shall be construed to authorize a criminal prosecution for a violation of a civil statute incorporated by reference into this division.
• § 50511 — The commissioner may, subject to the requirements of subdivisions (b), (c), and (d) of Section 50318, suspend for a period not to exceed 12 months or bar a person from any position of employment with
• § 50512 — (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible object with the intent to impede, obstru
• § 50513 — (a) The commissioner may do one or more of the following: (1) Deny, suspend, revoke, condition, or decline to renew a mortgage loan originator license for a violation of this division, or any rules or
• § 506 — Whenever he or she deems it expedient, the commissioner may call a meeting of the stockholders of any bank or trust company.
• § 507 — During any emergency period declared by the President of the United States, each bank shall conform to any order of the commissioner directed to it, relating to and conforming with regulations, limita
• § 50700 — (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 serv
• § 50701 — (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 s
• § 50702 — (a) The annual report required by Section 50401(a) shall include both of the following: (1) The number and the aggregate principal amount of closed residential mortgage loans secured by residential re
• § 50703 — Notwithstanding Section 10248.
• § 50706 — (a) Except as provided in subdivision (b), the commissioner has primary regulatory jurisdiction over all transactions in which a licensed residential mortgage lender provides brokerage services, wheth
• § 508 — During any emergency period declared by the Governor no bank shall transact any banking business except to such extent and subject to such regulations, limitations, or restrictions as may be prescribe
• § 509 — (a) The commissioner may, in his or her discretion, bring an action in the name of the people of this state in a superior court to enjoin a violation of, to enforce compliance with, or to collect a pe
• § 5100 — When used in this division, the words and phrases set forth in this article shall have the meanings given in this article unless the context requires another meaning.
• § 5100.2 — For purposes of this division: (a) Any reference to regulations of the federal Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation shall also be deemed to include an
• § 5100.5 — “Affiliated person” of a savings association means the following: (a) A director, officer, or controlling person of the savings association.
• § 5100.6 — “Affiliate” of a savings association, unless otherwise defined, includes any corporation, business trust, unincorporated association or other similar organization which meets the criteria of subdivisi
• § 5100.7 — “Controlling person” of a savings association means any person or entity which (a) either directly or indirectly or acting in concert with one or more other persons or entities, owns, controls, or hol
• § 5100.8 — “Immediate family” of any natural person means any of the following (whether by the full or half blood or by adoption): (a) The person’s spouse, father, mother, children, brothers, sisters, and grandc
• § 5100.9 — “Institution-affiliated party” means any of the following: (a) Any director, officer, employee or controlling stockholder of, or agent for, a savings association.
• § 51000 — As used in this division, the following terms shall have the following meanings: (a) “Client” means the taxpayer with whom the exchange facilitator enters into an agreement described in subparagraph (
• § 51001 — (a) A person who engages in business as an exchange facilitator shall notify all existing exchange clients whose relinquished property is located in this state, or whose replacement property held unde