summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
2011-2012 Regular Session
Bill Summary
An act to amend Section 10166.01 of the Business and Professions Code, and to amend Sections 22013, 50003, and 50003.5 of the Financial Code, relating to mortgage loan originators.
AI Summary
This bill amends existing California law to clarify the definition of a "mortgage loan originator," which is an individual who habitually or repeatedly takes mortgage loan applications or negotiates loan terms for compensation. The changes specify that individuals who perform these actions for no more than five residential mortgage loans in a calendar year, where the loans are made in connection with the sale of residential property and funded by the seller's own funds, are not considered mortgage loan originators. This exemption aims to differentiate these specific seller-financing transactions from the activities typically requiring a mortgage loan originator license. The bill also makes conforming changes to related sections of the Financial Code and Business and Professions Code to ensure consistency in these definitions and exemptions.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
Set, first hearing. Hearing canceled at the request of author. (on 07/02/2012)
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