California CodesBusiness and Professions Code - BPCDivision 4 — Real EstatePart 1 — Licensing of PersonsChapter 3 — Real Estate RegulationsArticle 2.1 — Secure and Fair Enforcement for Mortgage LicensesSection 10166.15
(a) The commissioner shall regularly report violations of this article, as well as enforcement actions taken against any mortgage loan originator to whom an endorsement has been issued, and enforcement actions taken against any individual for failure to obtain an endorsement as a mortgage loan originator, to the Nationwide Multistate Licensing System and Registry.
(b) The commissioner shall establish a process that may be used by mortgage loan originators to challenge information entered into the Nationwide Multistate Licensing System and Registry by the commissioner.
(c) The commissioner is authorized to promulgate regulations specifying (1) the recordkeeping requirements that mortgage loan originators shall satisfy and (2) the penalties that shall apply to mortgage loan originators for violations of this article.
Notes
Requires the commissioner to regularly report article violations and specified mortgage loan originator enforcement actions to the Nationwide Multistate Licensing System and Registry and to establish a process for originators to challenge information the commissioner enters there. It also allows regulations specifying originator recordkeeping requirements and penalties for violations of the article.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 10166.15 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-4/part-1/chapter-3/article-2-1/section-10166-15