California Financial Code CHAPTER 5 - Administration and Powers of the Commissioner

• Section 50301.
  Without limitation, the functions, powers, and duties of the commissioner include the following:(a) To issue or refuse to issue a license as provided by this division.(b) To...
• Section 50302.
  (a) As often as the commissioner deems necessary and appropriate, but at least once every 48 months, the commissioner shall examine the affairs of each residential...
• Section 50303.
  Neither the commissioner nor any employee of the Department of Business Oversight shall be precluded from obtaining a residential mortgage loan from a lender licensed...
• Section 50304.
  The commissioner may, from time to time, make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of...
• Section 50305.
  Upon written request from the commissioner, a licensee shall forward authorization to release workpapers of the licensee’s independent auditor to the commissioner within two business...
• Section 50306.
  The commissioner may order a licensee that opens a branch office in this state or changes its business location or its locations from which activities...
• Section 50307.
  (a) Each residential mortgage lender or servicer licensee shall file a report with the commissioner annually, on or before the first day of March, giving the...
• Section 50307.1.
  The commissioner may, as he or she deems necessary, require licensees to provide reports concerning their residential mortgage loan servicing activities, including, but not limited...
• Section 50307.2.
  The commissioner may require a licensee that employs one or more mortgage loan originators to submit to the Nationwide Mortgage Licensing System and Registry reports...
• Section 50308.
  If any person engaged in the business regulated by this division refers in any advertising to rates of interest, charges, or costs of loans, the...
• Section 50309.
  The commissioner may require licensees to maintain a file of all advertising copy for a period of 90 days from the date of its use....
• Section 50310.
  Nothing in this law shall preclude a person, other than a mortgage loan originator, whose license has been suspended or revoked, summarily or otherwise, from...
• Section 50311.
  Nothing in this law shall preclude a person whose license has been suspended or revoked, summarily or otherwise, from making a residential mortgage loan pursuant...
• Section 50312.
  The commissioner, in his or her discretion, may honor requests from interested persons for interpretive opinions.(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January...
• Section 50313.
  In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.(Added by...
• Section 50314.
  (a) Every person subject to this division shall keep documents and records that will properly enable the commissioner to determine whether the residential mortgage lending or...
• Section 50315.
  (a) The commissioner may refer the evidence that is available concerning any violation of this law or of any rule or order adopted under this division...
• Section 50316.
  (a) For any licensee, a disciplinary action taken by the State of California, another state, any agency of the federal government, or another country for any...
• Section 50316.5.
  Notwithstanding any other law, any application for licensure, amendment to the application or registration document or notice filed under any of the laws administered by...
• Section 50317.
  (a) Any person who has been convicted of, or pleaded nolo contendere to any crime specified in subdivision (b) within the past 10 years or has...
• Section 50318.
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order censure or suspend for a period not exceeding 12 months, or bar from...
• Section 50319.
  (a) If the commissioner, as a result of any examination or from any report made to him or her, shall find that any person subject to...
• Section 50320.
  Whenever, in the opinion of the commissioner, a person is engaged, either actually or through subterfuge, in the business of making residential mortgage loans, servicing...
• Section 50321.
  If, after investigation, the commissioner has reasonable grounds to believe that any licensee has violated its articles of incorporation or any law or rule binding...
• Section 50322.
  If, after investigation, the commissioner has reasonable grounds to believe that any licensee is conducting business in an unsafe or injurious manner, the commissioner shall,...
• Section 50323.
  (a) No order issued pursuant to Section 50321 or 50322 may become final except after notice to the affected licensee of the commissioner’s intention to make...
• Section 50324.
  (a) If, after investigation, the commissioner has reasonable grounds to believe that any person has engaged or is about to engage in any act or practice...
• Section 50325.
  The commissioner may immediately revoke the residential mortgage lender’s, residential mortgage loan servicer’s, or mortgage loan originator’s license if the licensee fails to comply with...
• Section 50326.
  If any licensee fails to do any of the following, the licensee shall forfeit to the people of the state a sum of up to...
• Section 50327.
  (a) The commissioner may, after notice and a reasonable opportunity to be heard, deny, decline to renew, suspend, or revoke any license if the commissioner finds...
• Section 50328.
  Except in the case of an exempt person, whenever the commissioner deems it to be necessary for the public interest, the commissioner has continuous authority...
• Section 50329.
  (a) In making an investigation or examination authorized by this division, the commissioner may, for a reasonable time not exceeding 30 days, control access to any...
• Section 50330.
  The authority to make or conduct any examination or investigation may be delegated by the commissioner to any deputy, investigator, examiner, or auditor appointed for...
• Section 50331.
  All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500) of Part 1...
• Section 50332.
  Every order, decision, license, or other official act of the commissioner is subject to review, in accordance with law.(Added by Stats. 1994, Ch. 994, Sec....
• Section 50333.
  (a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and the...

Last modified: October 22, 2018