Bill Text: CA AB2993 | 2023-2024 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Home improvement and home solicitation: right to cancel contracts: loan financing regulation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2024-07-02 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB2993 Detail]
Download: California-2023-AB2993-Introduced.html
No A person shall not engage in the business of a finance lender or broker without obtaining a license from the commissioner.
Bill Title: Home improvement and home solicitation: right to cancel contracts: loan financing regulation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2024-07-02 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB2993 Detail]
Download: California-2023-AB2993-Introduced.html
CALIFORNIA LEGISLATURE—
2023–2024 REGULAR SESSION
Assembly Bill
No. 2993
| Introduced by Assembly Member Grayson |
February 16, 2024 |
An act to amend Section 22100 of the Financial Code, relating to finance lenders.
LEGISLATIVE COUNSEL'S DIGEST
AB 2993, as introduced, Grayson.
Finance lenders: licensing.
Existing law, the California Finance Lenders Law, prohibits a person from engaging in the business of a finance lender or broker without obtaining a license from the Commissioner of Financial Protection and Innovation. That law requires a licensee engaging in the business of making or brokering residential mortgage loans to require that every mortgage loan originator employed or compensated by that licensee obtains and maintains a mortgage loan originator license from the commissioner or has first obtained a license endorsement from the Real Estate Commissioner, as specified.
This bill would make nonsubstantive changes to these provisions.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 22100 of the Financial Code is amended to read:22100.
(a)(b) Every A licensee engaging in the business of making or brokering residential mortgage loans shall require that every mortgage loan originator employed
or compensated by that licensee obtains and maintains a mortgage loan originator license from the commissioner under this division or Division 20 (commencing with Section 50000), or has first obtained a license endorsement from the Commissioner of Real Estate Real Estate Commissioner pursuant to Article 2.1 (commencing with Section 10166.01) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code.
(c) A finance lender or broker shall not employ a mortgage loan originator whose license or license endorsement has lapsed.
(d) A finance lender or broker may not make or broker a residential mortgage loan unless that loan is offered by, negotiated by, or applied for through a
licensed mortgage loan originator.
(e) Every licensee engaged in the business of making or brokering residential mortgage loans and every mortgage loan originator licensed under this division shall register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(f) An individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license in accordance with the requirements of this division and any rules promulgated by the commissioner under this chapter.
(g) A registered mortgage loan originator, as defined in subdivision (c) of Section 22013, is exempt from licensure under this section when he or she is employed by:
(1) A depository institution.
(2) A subsidiary of a depository institution that is owned and controlled by a depository institution and regulated by a federal banking agency.
(3) An institution regulated by the Farm Credit Administration.
