Section 2035 - Information Regarding Individuals Who Are Not Residents of the United States(a) In addition to other background information required in the application, applicants must engage a search firm to perform an investigative background report of each individual required to be fingerprinted under the SLSA who does not currently reside or has not resided in the United States for at least ten years. A copy of the investigative report may be submitted to the Commissioner, by uploading a copy of the report to applicant's NMLS account. The search firm must be able to demonstrate that it has sufficient resources and is properly licensed to conduct the background search. The search firm may not be affiliated with or related to the persons who are the subject of the search. The report must be in English. The cost of the report shall be paid by the applicant or individual.(b) The report shall contain the following, at a minimum: (1) A comprehensive credit report and/or history, including the actual credit report, as well as a summary.(2) Civil court and bankruptcy court records concerning the applicant or individual, for the past ten years. The search for such records shall include a search of the court data in the country(ies), state(s), and town(s) where the person resided or worked.(3) Criminal records of the applicant or individual, including felonies, misdemeanors and violations (excluding traffic violations). The search for such records shall include a search of court data in the country(ies), state(s), and town(s) where the person resided or worked.(5) Employment history during the last ten years.(6) Media records referencing the applicant or individual. The search for such records shall include a search of national and local publications, wire services, and business publications.(7) Regulatory history, particularly in student loan lending and servicing, lending and servicing, generally, and securities.(c) The report shall be accompanied by a search summary letter, which (1) identifies the scope of the search,(2) indicates the independence of the search firm from the applicant and the individual(s) who are the subject of the search, and(3) identifies a person and contact information for that person, who the Commissioner may contact with questions regarding the report.(d) If the applicant or individual has had a report, containing at least the information listed in subdivision (b) of this section, prepared for another licensing agency within 12 months of the filing of the application, the applicant or individual may request permission from that licensing agency or the search firm to submit a copy of that report to the Commissioner. If the applicant or individual elects to submit a prior report as authorized in this subdivision, the applicant or individual shall also submit a statement of no material change in items in the report.Cal. Code Regs. Tit. 10, § 2035
Note: Authority cited: Section 28106, Financial Code. Reference: Section 28106, Financial Code.
1. New section filed 3-28-2019; operative 3/28/2019 pursuant to Government Code section 11343.4(b)(3) (Register 2019, No. 13).
2. Amendment of subsection (a) filed 10-4-2023; operative 1/1/2024 (Register 2023, No. 40).