Section 1950.122.4.2 - Certain Residential Mortgage Lenders and Servicers Not Exempt from Licensure(a) A nondepository lender or servicer that engages in the business of mortgage lending or servicing in this state is not exempt from licensure under subdivision (c)(1), (2), or (3) of section 50002 of the Financial Code unless that nondepository lender or servicer is a bank, trust company, insurance company, or industrial loan company doing business under the authority of, or in accordance with, a license, certificate or charter as provided in subdivision (c)(1) of Financial Code section 50002; a federally chartered savings and loan association, federal savings bank, or federal credit union that is authorized to transact business in this state; or a savings and loan association, savings bank, or credit union organized under the law of this or any other state that is authorized to transact business in this state.(b) For purposes of this section, nondepository "lender or servicer" means a lender as defined in subdivision (m) of section 50003 of the Financial Code or a mortgage servicer as defined in subdivision (q) of section 50003 of the Financial Code, and the lender or mortgage servicer is also (1) a bank holding company or subsidiary of a bank holding company, as defined in chapter 17 of title 12 of the United States Code (commencing with section 1841), (2) a savings and loan holding company or a subsidiary of a savings and loan holding company, as defined in section 10 of the Home Owners' Loan Act (12 U.S.C. § 1467a), or (3) a subsidiary of a bank, trust company, savings association or credit union, where the terms "bank," "trust company," "savings association" and "credit union" have the definitions ascribed to such terms in chapter 1 of division 1 of the Financial Code, and the term "subsidiary" means a subsidiary as defined in title 10, section 10.170 of the California Code of Regulations. For avoidance of doubt, the term "bank" includes a national bank, as such term is defined in section 189 of the Financial Code, and the term "savings association" includes a federal savings association or federal savings bank that is chartered under section 5 of the Home Owners' Loan Act (12 U.S.C. § 1464).(c) This section shall become operative 180 days after the effective date of this section.Cal. Code Regs. Tit. 10, § 1950.122.4.2
1. New section filed 12-4-2015; effective 4-1-2016; operative 9-28-2016 pursuant to Government Code section 11343.4(b)(2) (Register 2015, No. 49). Note: Authority cited: Section 50304, Financial Code. Reference: Sections 50002 and 50003, Financial Code.
1. New section filed 12-4-2015; effective 4/1/2016; operative 9/28/2016 pursuant to Government Code section 11343.4(b)(2) (Register 2015, No. 49).