Cal. Code Regs. tit. 10 § 1950.317

Current through Register 2024 Notice Reg. No. 44, November 1, 2024

Section 1950.317 - Report of Defalcation

A residential mortgage lender, residential mortgage lender and servicer, mortgage servicer, or mortgage loan originator shall immediately report to the Commissioner any defalcation, embezzlement or theft made, or reasonably believed by the company to have been made, by any of its officers, directors, partners, shareholders controlling 10 percent or more of the ownership interests, trustees or employees (as "employee" is defined in subdivision (h) of Section 50317 of the Code).

Cal. Code Regs. Tit. 10, § 1950.317

1. New article 10 (sections 1950.316-1950.317) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2. Amendment 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 A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.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. Amendment 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 A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.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. Amendment 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 A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.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 transmitted to OAL 3-14-2011 and filed 4-25-2011 (Register 2011, No. 17).

Note: Authority cited: Section 50304, Financial Code. Reference: Section 50317, Financial Code.