California Financial Code

§ 50003.5

FIN § 50003.5 Effective Jan 1, 2013Div. 20 · Ch. 1

Statute text

(a)“Mortgage loan originator” means an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

(b)Mortgage loan originator does not include any of the following:

(1)An individual who performs purely administrative or clerical tasks on behalf of a person meeting the definition of a mortgage loan originator, except as provided in subdivision (c) of Section 50003.6. The term “administrative or clerical tasks” means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.

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Legislative history

Amended by Stats. 2012, Ch. 264, Sec. 10. (AB 2666) Effective January 1, 2013.