This law allows the commissioner to create rules and regulations, as well as make specific decisions and findings, to help enforce the policies outlined in this division of the law. These actions must align with the overall goals of the division.

This section states that licenses for finance lenders, brokers, program administrators, and mortgage loan originators must be displayed prominently at their business locations.

Licenses can't be transferred or assigned to others. For partnerships, changes in partners don't affect the license unless the partnership itself ends.

This law came into effect on January 1, 2019.

This law states that a finance lender, broker, or program administrator can maintain only one place of business for every license they have. However, if they meet the necessary requirements, the commissioner can grant more than one license to the same business. This rule has been in effect since January 1, 2019.

If a finance lender, broker, or program manager wants to change their business address from what's listed on their license, they must notify the commissioner at least 10 days before the move. If the commissioner doesn't reject the new address within 10 days, it's automatically approved. This notification might need to be done through the Nationwide Mortgage Licensing System.

If the licensee doesn’t provide this notice at least 10 days in advance or starts operating at a new address without notice, they might face a fine of up to $500.

This rule has been in effect since January 1, 2019.

This law says that if you hold a license to give loans or manage a PACE program in California, you can't run this business in an office where other types of business are happening unless you get special written permission from the commissioner. This permission lasts until it's revoked. For businesses affiliated with supervised financial institutions, they don't need special permission if they follow certain rules: their activities must be legal and they cannot force customers to buy additional products or services.

'Affiliated' means the company is under the same control as the licensee, and 'supervised financial institution' includes banks, credit unions, and similar organizations that are regulated by state or federal agencies.

This law states that finance lenders, brokers, mortgage loan originators, or program administrators cannot do business or make loans under a different name or at a different location than what's listed on their license, unless they have written approval from the commissioner. This approval, when effective, amends the original license. However, there are exceptions: if a borrower asks for a loan to be made somewhere else, or if loans or contracts are offered online, business can be conducted outside of the licensed location.

This law requires finance lenders, brokers, program administrators, and mortgage loan originators to keep detailed business records that allow the commissioner to verify compliance with the finance regulations. If a loan secured by real estate involves the use of an independent escrow holder, the licensee must keep specific records as outlined by the commissioner's rules. They must also provide access to financial records if requested by the commissioner. This requirement began on January 1, 2019.

This law requires finance lenders, brokers, mortgage loan originators, and program administrators to keep their books, accounts, and records for at least three years. Finance entities must preserve documents for three years after making the last entry on any loan. Program administrators related to PACE assessments need to maintain records for three years after a PACE assessment has ended. These rules have been effective since January 1, 2019.

This law section outlines the conditions under which a licensed business can allow its employees to work from home or other remote locations. It specifies that no in-person customer interactions or handling of cash or loan proceeds should happen at these locations, and they should not be advertised as business premises. It mandates that business and customer records should only be stored on encrypted devices, and no business-related mail should be received at remote sites. Employers must provide employees with secure technology for work, like encrypted devices and VPNs, and they need to have policies for managing and securing work done remotely. These policies must include employee data security training, maintaining security logs, monitoring suspicious activity, and having a data breach response plan. Employers should also record customer phone calls if they normally do so at licensed locations, unless it’s not part of usual business practice. Finally, the law requires that any records or individuals subject to regulatory inspection are available at official business locations.

This law section says that it's not necessary to keep original records as long as you can provide any requested information to the commissioner within 48 hours. This time frame does not include weekends and holidays.

Finance lenders, brokers, and program administrators in California must submit an annual report to the commissioner by March 15th detailing their operations from the previous year. This report will be available for public inspection, but sole proprietors and small private companies can request to keep their balance sheets private. These reports must be sworn statements and follow the commissioner's format.

The commissioner can also request additional special reports from licensees. If a licensee employs mortgage loan originators, they must provide certain reports to the Nationwide Mortgage Licensing System and Registry. Similarly, mortgage loan originators themselves might be required to submit reports directly. This statute became operative on January 1, 2019.

This law allows the commissioner to require licensed mortgage loan servicers to provide reports about their servicing activities. The commissioner can also accept information from servicers who aren't under their jurisdiction. The collected data will be published in a summary format online, showing how many servicers contributed data and the share of outstanding loans they manage. The law doesn't affect the commissioner's other reporting powers. Mortgage loan servicing is defined as handling multiple installment payments on a loan and related services.

This law requires the commissioner to compile a summary of all the annual reports and any relevant comments they consider important for the public. They must then file this summary with the Department of Financial Protection and Innovation each year, and it becomes a public record.

This law prohibits certain deceptive and fraudulent actions by individuals dealing with loans and assessment contracts. It bans making false or misleading statements to borrowers or property owners about loan or contract terms. It also forbids false advertising and omits essential details about loans and contracts. The law requires compliance with other specific sections of the Civil and Business and Professions Codes, prohibits deception in transactions, and bans acts of fraud or dishonest practices. These rules took effect on January 1, 2019.

If you're a finance lender, broker, or mortgage loan originator in California, you need to disclose the license number under which a loan is made or arranged when you advertise. This applies to both print and audio advertisements.

Similarly, if you're an administrator for an assessment contract, you must disclose the license in your advertisements too. This rule has been in effect since January 1, 2019.

The law allows the commissioner to ensure that any rates a financial licensee advertises are presented clearly and completely, so there is no confusion for people who might borrow money or own property. This rule has been in effect since January 1, 2019.

This law requires that anyone advertising interest rates, charges, or loan costs must clearly and fully state this information so that potential borrowers or property owners have complete understanding. If the advertised rates or costs do not apply to all loan types or contracts offered, this must be clearly explained in the advertisement. This rule has been in effect since January 1, 2019.

If an advertisement gets disapproved by the commissioner, the business isn't allowed to use it anymore. The commissioner can also require that a business submit its ads for approval before using them.

This law allows a commissioner to demand that license holders keep copies of all their advertising content for two years. These copies need to be accessible to the commissioner if they ask for them.

If you are a licensed finance lender in California, you can also perform the duties of a broker at the same business location without needing a separate broker's license. However, you must inform the commissioner in writing about this activity.

If someone falsely claims to have special qualifications or misleads the public about their expertise, the commissioner can suspend or bar them from working with a licensed finance company for up to a year. Before taking action, the person gets a chance to argue their case.

They must ask for a hearing within 15 days of being notified, or they lose the right to a hearing. Once notified, the person can't do any licensed activities immediately.

Anyone suspended or barred can't work with or be involved in any business activities of finance lenders, brokers, or mortgage loan originators, although they can still do personal transactions through licensed professionals.

This rule started on January 1, 2019.

The law allows the commissioner to discipline individuals, such as mortgage loan originators, working with finance lenders or brokers if they break the rules or engage in misconduct. This can involve censoring, suspending, or banning them from the industry for up to 12 months if it's in the public interest. Misconduct includes violations of rules or engaging in dishonest or fraudulent activities.

If someone receives a notice about possible disciplinary action, they can request a hearing within 15 days. If they don't, they lose the right to a hearing. Upon receiving such a notice, the person cannot continue working in their licensed role until things are resolved.

This rule was put into effect starting January 1, 2019.

This law makes it illegal for anyone to intentionally change, destroy, hide, or falsify any records or documents to interfere with the enforcement of financial regulations. It is also illegal to knowingly lie to the commissioner or the Nationwide Mortgage Licensing System during any licensing, investigation, or examination process with the goal of affecting the enforcement of financial rules.

This law requires that mortgage lenders and brokers in California follow specific guidelines designed to manage risks associated with nontraditional and subprime mortgage lending. These guidelines were established by several industry bodies back in 2006 and 2007. The law gives the commissioner the power to create additional regulations to help clarify how these guidelines should be applied. Essentially, mortgage lenders, brokers, and their employees need to have policies in place that meet these guidelines and any applicable federal laws.

This law allows the commissioner to take various actions against mortgage loan originators and their employers if they violate certain rules or fail to meet requirements. The commissioner can deny or revoke licenses, order restitution, and impose fines. If necessary, they can issue immediate temporary orders to stop harmful practices or suspend business operations. The commissioner can also impose penalties up to $25,000 for each violation. Additionally, each infraction is considered separately, meaning multiple fines can apply for multiple violations.