CHAPTER 1. General [50000. - 50006.]

Chapter 1 added by Stats. 1994, Ch. 994, Sec. 7.

§§ 50000–50006 · 10 sections

• § 50000 This division will be known and may be cited as the California Residential Mortgage Lending Act.
• § 50001 Unless the context otherwise requires, the definitions in this chapter apply throughout this division.
• § 50002 (a) No person shall engage in the business of making residential mortgage loans or servicing residential mortgage loans, in this state, without first obtaining…
• § 50002.5 (a) Every licensee engaging in the business of making, servicing, or making and servicing residential mortgage loans shall require that every mortgage loan…
• § 50003 (a) “Annual audit” means a certified audit of the licensee’s books, records, and systems of internal control performed by an independent certified public…
• § 50003.5 (a) “Mortgage loan originator” means an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage…
• § 50003.6 (a) A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information,…
• § 50004 “Fraud,” “deceit,” and “defraud” are not limited to common law fraud or deceit.
• § 50005 This division creates and authorizes a class of exempt persons pursuant to Section 1 of Article XV of the California Constitution.
• § 50006 No person subject to this law shall use in its name “bank,” “trust,” “trustee,” “loan association,” or related terms. This section does not apply to any person…