California Financial Code 90010 – (a) This section shall apply to any covered person who meets any …
(a) This section shall apply to any covered person who meets any of the following conditions:
(1) Offers or provides origination, brokerage, or servicing of loans secured by real estate for use by consumers primarily for personal, family, or household purposes, or loan modification or foreclosure relief services in connection with those loans.
Terms Used In California Financial Code 90010
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
- Statute: A law passed by a legislature.
(2) Is a registrant of the department that is required to be registered by statute or by rule.
(3) The department has reasonable cause to determine, by order, after notice to the covered person that the covered person is offering or providing financial products or services.
(4) Is a service provider to a person described in paragraphs (1) to (3), inclusive.
(b) The department may require reports and conduct examinations on a periodic basis of persons described in subdivision (a) for purposes of all of the following:
(1) Assessing compliance with the requirements of consumer financial laws.
(2) Obtaining information about the activities and compliance systems or procedures of that person.
(3) Detecting and assessing risks to consumers, small business, and to markets for consumer financial products and services.
(c) This division shall not be construed to limit the authority of the commissioner to require reports from persons described in subdivision (a), as permitted under subdivision (b), regarding information owned or under the control of the person, regardless of whether the information is maintained, stored, or processed by another person.
(Added by Stats. 2020, Ch. 157, Sec. 7. (AB 1864) Effective January 1, 2021.)