(a) If a finance lender or broker licensee seeks to change its place of business to a street address other than that designated in its license, the licensee shall provide notice to the commissioner at least 10 days before the change. The commissioner shall notify the licensee within 10 days if the commissioner disapproves the change, and if the commissioner does not notify the licensee of disapproval within 10 days, the change in address shall be deemed approved. The commissioner may require an applicant to submit its application to change its place of business through the Nationwide Mortgage Licensing System and Registry.
(b) If notice is not given at least 10 days before the change of a street address of a place of business, as required by subdivision (a), or notice is not given at least 10 days prior to engaging in business at a new location, as required by Section 22102, the commissioner may assess a civil or administrative penalty on the licensee not to exceed five hundred dollars ($500).
(c) This section shall remain in effect only until January 1, 2019, and as of that date is repealed.
(Amended by Stats. 2017, Ch. 475, Sec. 45. (AB 1284) Effective October 4, 2017. Repealed as of January 1, 2019, by its own provisions. See later operative version added by Stats. 2017, Ch. 475.)
Last modified: October 25, 2018