(a) Finance lender, broker, program administrator, and mortgage loan originator licensees shall keep and use in their business, books, accounts, and records which will enable the commissioner to determine if the licensee is complying with the provisions of this division and with the rules and regulations made by the commissioner. On any loan secured by real property in which loan proceeds were disbursed to an independent escrowholder, the licensee shall retain records and documents as set forth by rules of the commissioner adopted pursuant to Section 22150. Upon request of the commissioner, licensees shall file an authorization for disclosure to the commissioner of financial records of the licensed business pursuant to Section 7473 of the Government Code.
(b) This section shall become operative on January 1, 2019.
(Repealed (in Sec. 51) and added by Stats. 2017, Ch. 475, Sec. 2. (AB 1284) Effective October 4, 2017. Section operative January 1, 2019, by its own provisions.)
Last modified: October 25, 2018