California Code of Regulations
Title 10 - Investment
Chapter 6 - Real Estate Commissioner
Article 7.5 - Mortgage Loan Originator License Endorsement
Section 2758.5 - Application, Electronic Signature, and License Changes
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) An application to obtain a mortgage loan originator license endorsement or to change licensing information on an existing mortgage loan originator license endorsement must be filed using the procedures and electronic system maintained by the Nationwide Mortgage Licensing System and Registry. An applicant shall sign and attest to the information provided in the application through the electronic signature function of the system.
(b) A real estate licensee who has been issued a license endorsement is required to maintain the same current license information on file with the Department and with the Nationwide Mortgage Licensing System and Registry, including licensee name, licensee main office and mailing address. License information regarding a licensee's fictitious business names and branch office locations that are used for mortgage loan origination activities must also be provided contemporaneously by the licensee to both the Department and Nationwide Mortgage Licensing System and Registry.
(c) Where a licensed real estate salesperson acts as a mortgage loan originator and holds a mortgage loan originator license endorsement, notice of retention or retention change for that salesperson that is required to be submitted to the Department under the provisions of the Real Estate Law and the Regulations of the Commissioner must also be filed electronically using the Nationwide Mortgage Licensing System and Registry.
(d) Brokers who retain broker associates to conduct mortgage loan originator activities must provide employment sponsorship information to the Nationwide Mortgage Licensing System and Registry within five (5) days of the commencement of employment. Termination of a broker/broker associate retention relationship must be reported to the Nationwide Mortgage Licensing System and Registry within five (5) days of the termination.
1. New section
filed 2-23-2010 as an emergency; operative 2-23-2010 (Register 2010, No. 9). A
Certificate of Compliance must be transmitted to OAL by 8-23-2010 or emergency
language will be repealed by operation of law on the following
day.
2. Certificate of Compliance as to 2-23-2010 order transmitted
to OAL 5-6-2010 and filed 6-29-2010 (Register 2010, No. 27).
3.
Change without regulatory effect amending subsections (b)-(c) filed 6-30-2014
pursuant to section
100, title 1, California Code of
Regulations (Register 2014, No. 27).
4. Amendment of subsections
(b)-(d) filed 1-21-2022; operative 4-1-2022 (Register 2022, No. 3).
Note: Authority cited: Sections 10080 and 10166.17, Business and Professions Code. Reference: Sections 10150(d), 10151(e) and 10161.8, Business and Professions Code.
