California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 1 - General Provisions
Section 1404 - Definitions
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The following terms used in subchapter 6 of these rules shall have (unless the context otherwise indicates) the following meanings:
(a) "Call report" or "NMLS Mortgage Call Report" means a report of condition on the company and its operations including financial statements and production activity volumes.
(b) "Company" includes all domestic and foreign private corporations, limited liability companies, joint ventures, associations, syndicates, joint stock companies, partnerships of every kind, unincorporated organizations, government or political subdivisions of a government, trustees and individuals.
(c) "Department" means the Department of Financial Protection and Innovation of the State of California.
(d) "Finance company" means a finance lender or broker subject to the California Financing Law.
(e) "Law" or "Code" means the California Financing Law.
(f) "Mortgage lender" or "mortgage broker" or "mortgage lender and broker" means a finance company who makes, brokers, or services residential mortgage loans and who is required to be licensed pursuant to section 22100 of the Code.
(g) "Form MU1" means the uniform licensing form, entitled "NMLS Company Form," developed by the Nationwide Multistate Licensing System and Registry for use by a company or sole proprietor to apply for and maintain licensure by a state through NMLS. Version 11.0, dated 9/12/2015, is hereby incorporated by reference in its entirety.
(h) "Form MU2" means the uniform licensing form, entitled "NMLS Individual Form," developed by the Nationwide Multistate Licensing System and Registry for background information about individuals who own or control the activities of an applicant or licensee. Version 9, dated 9/12/16, is hereby incorporated by reference in its entirety.
(i) "Form MU3" means the uniform licensing form, entitled "NMLS Branch Form," developed by the Nationwide Multistate Licensing System and Registry for an applicant or a licensee under Form MU1 to apply for or maintain a branch office through NMLS. Version 10, dated 3/31/14, is hereby incorporated by reference in its entirety.
(j) "Form MU4" means the uniform licensing form developed by the Nationwide Multistate Licensing System and Registry for an individual mortgage loan originator license or registration, entitled "Uniform Individual Mortgage License/Registration & Consent Form."
(k) "NMLS" means the Nationwide Multistate Licensing System and Registry.
(l)
(m)
(n) "Sponsoring" or "to sponsor" means to maintain an employment relationship between a mortgage loan originator and a mortgage lender, mortgage broker, or mortgage lender and broker where the mortgage loan origination activities of the mortgage loan originator are subject to the supervision and oversight of the mortgage lender, mortgage broker, or mortgage lender and broker. A licensed mortgage lender, mortgage broker, or mortgage lender and broker is the "sponsor" of a mortgage loan originator employed by, and subject to the supervision and oversight of, the mortgage lender, mortgage broker, or mortgage lender and broker. For purposes of subchapter 6 of these rules, an employment relationship may be established through factors such as supervision and control of the sponsored mortgage loan originator, legal and regulatory responsibility for the acts of the mortgage loan originator, and performance under the name, authority and policies of the sponsor, and is not necessarily contingent on whether a mortgage loan originator is issued a Form W-2 by the sponsor.
1. Amendment
filed 12-3-81; effective thirtieth day thereafter (Register 81, No.
49).
2. Editorial correction of NOTE filed 10-13-82 (Register 82,
No. 42).
3. Amendment filed 12-29-83; effective thirtieth day
thereafter (Register 83, No. 53).
4. Amendment filed 2-21-85;
effective thirtieth day thereafter (Register 85, No. 8).
5. Change
without regulatory effect amending subsections (b)(1)-(3) and NOTE filed
6-14-95 pursuant to section
100, title 1, California Code of
Regulations (Register 95, No. 24).
6. Amendment filed 8-4-98;
operative 9-3-98 (Register 98, No. 32).
7. Amendment of section and
NOTE filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No.
14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or
emergency language will be repealed by operation of law on the following
day.
8. Amendment of section and NOTE refiled 9-28-2010 as an
emergency; operative 9-28-2010 (Register 2010, No. 40). A Certificate of
Compliance must be transmitted to OAL by 12-27-2010 or emergency language will
be repealed by operation of law on the following day.
9. Amendment
of section and NOTE refiled 12-23-2010 as an emergency; operative 12-23-2010
(Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL
by 3-23-2011 or emergency language will be repealed by operation of law on the
following day.
10. Certificate of Compliance as to 12-23-2010 order,
including amendment of subsections (a) and (h), transmitted to OAL 3-14-2011
and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No.
17).
11. Amendment of section and NOTE filed 8-5-2021; operative
10-1-2021 (Register 2021, No. 32). Transmission deadline specified in
Government Code section
11346.4(b)
extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified
in Government Code section
11349.3(a)
extended 60 calendar days pursuant to Executive Order N-40-20 and an additional
60 calendar days pursuant to Executive Order
N-71-20.
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22000, 22004, 22008, 22009, 22012, 22100, 22101, 22105, 22109.1 and 22159, Financial Code.