Section 1950.003 - DefinitionsThe following terms used in Subchapter 11.5 of these rules shall have the following meanings (unless the context otherwise indicates):
(a) "Code" means the California Financial Code.(b) "Department" means the Department of Corporations.(c) "Call report" or "NMLS Mortgage Call Report" means a report of condition on a residential mortgage lender, mortgage servicer, or residential mortgage lender and servicer and its operations including financial statements and production activity volumes.(d) "Form MU1" means the uniform licensing form developed by the Nationwide Mortgage Licensing System and Registry for a mortgage lender, mortgage servicer, or mortgage broker business, entitled "Uniform Mortgage Lender/Mortgage Broker Form."(e) "Form MU2" means the uniform licensing form developed by the Nationwide Mortgage Licensing System and Registry for a person that directly or indirectly exercises control over a mortgage lender, mortgage servicer, or mortgage broker business, or a branch thereof, including qualifying individuals and branch managers specified in Form MU1, entitled "Uniform Mortgage Biographical Statement & Consent Form."(f) "Form MU3" means the uniform licensing form developed by the Nationwide Mortgage Licensing System and Registry for the branch office of a mortgage lender, mortgage servicer, or mortgage broker, entitled "Uniform Mortgage Branch Office Form."(g) "Form MU4" means the uniform licensing form developed by the Nationwide Mortgage Licensing System and Registry for an individual mortgage loan originator license or registration, entitled "Uniform Individual Mortgage License/Registration & Consent Form."(h) "NMLS" means the Nationwide Mortgage Licensing System and Registry.(i) "Sponsoring" or "to sponsor" means to maintain an employment relationship between a mortgage loan originator and a residential mortgage lender, mortgage servicer, or residential mortgage lender and servicer where the mortgage loan origination activities of the mortgage loan originator are subject to the supervision and oversight of the residential mortgage lender, mortgage servicer, or residential mortgage lender and servicer. A licensed residential mortgage lender, mortgage servicer, or residential mortgage lender and servicer is the "sponsor" of a mortgage loan originator employed by, and subject to the supervision and oversight of, the residential mortgage lender, mortgage servicer, or residential mortgage lender and servicer. For purposes of Subchapter 11.5 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.Cal. Code Regs. Tit. 10, § 1950.003
1. New subchapter 11.5 (articles 1-10), article 1 (section 1950.003) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2. New first paragraph, new subsections (c)-(i) and amendment of 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.
3. New first paragraph, new subsections (c)-(i) and amendment of 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.
4. New first paragraph, new subsections (c)-(i) and amendment of 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.
5. Certificate of Compliance as to 12-23-2010 order, including amendment of subsections (c) and (e), transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17). Note: Authority cited: Section 50304, Financial Code. Reference: Sections 50002.5 and 50003, Financial Code.
1. New subchapter 11.5 (articles 1-10), article 1 (section 1950.003) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2. New first paragraph, new subsections (c)-(i) and amendment of 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.
3. New first paragraph, new subsections (c)-(i) and amendment of 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.
4. New first paragraph, new subsections (c)-(i) and amendment of 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.
5. Certificate of Compliance as to 12-23-2010 order, including amendment of subsections (c) and (e), transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).