California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 2 - Applications
Section 1422.6.2 - Evidence of Financial Responsibility
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) The Commissioner's finding required by section 22109.1, subdivision (c) of the California Financing Law relates to any matter, personal or professional, that may impact upon an applicant's propensity to operate honestly, fairly, and efficiently when engaging in the role of a mortgage loan originator.
(b) An applicant for a mortgage loan originator license shall authorize NMLS to obtain the applicant's current credit report. The credit report will be used as needed to validate the applicant's responses to the electronic application form, in order to support the Commissioner's finding required by section 22109.1, subdivision (c) of the California Financing Law.
(c) An applicant may be precluded from obtaining a mortgage loan originator license where his or her personal history includes:
1. New
section 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emergency language will be repealed by operation of law on the following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.
2. New section 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transmitted to OAL by 12-27-2010 or emergency language will be repealed by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.
3. New section 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language will be repealed by operation of law on the following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.
4. Certificate of Compliance as to 12-23-2010 order transmitted
to OAL 3-14-2011 and filed 4-25-2011 (Register 2011, No. 17).
5.
Amendment 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: Section 22109.1, Financial Code.