BILL NUMBER: SB 839	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Blakeslee

                        FEBRUARY 18, 2011

   An act to amend Section 22100 of the Financial Code, relating to
finance lenders.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 839, as introduced, Blakeslee. Finance lenders and brokers.
   Existing law, the California Finance Lenders Law, prohibits a
finance lender or broker from making or brokering a residential
mortgage loan unless the loan is offered by, negotiated by, or
applied for through a licensed mortgage loan originator.
   This bill would make a nonsubstantive change to these provisions.

   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 22100 of the Financial Code is amended to read:

   22100.  (a) No person shall engage in the business of a finance
lender or broker without obtaining a license from the commissioner.
   (b) Every licensee engaging in the business of making or brokering
residential mortgage loans shall require that every mortgage loan
originator employed or compensated by that licensee obtains and
maintains a mortgage loan originator license from the commissioner
under this division or Division 20 (commencing with Section 50000),
or has first obtained a license endorsement from the Commissioner of
Real Estate pursuant to Article 2.1 (commencing with Section
10166.01) of Chapter 3 of Part 1 of Division 4 of the Business and
Professions Code.
   (c) A finance lender or broker shall not employ a mortgage loan
originator whose license or license endorsement has lapsed.
   (d) A finance lender or broker  may   shall
 not make or broker a residential mortgage loan unless that loan
is offered by, negotiated by, or applied for through a licensed
mortgage loan originator.
   (e) Every licensee engaged in the business of making or brokering
residential mortgage loans and every mortgage loan originator
licensed under this division shall register with and maintain a valid
unique identifier issued by the Nationwide Mortgage Licensing System
and Registry.