Cal. Code Regs. Tit. 10, § 2758.6 - Corporate Real Estate Brokers, Officers, Directors, and Shareholders

Current through Register 2022 Notice Reg. No. 16, April 25, 2022

The designated officer of a corporation who applies for or has been issued a mortgage loan originator license endorsement on behalf of the corporation is responsible for maintaining and updating, as needed, on the Nationwide Mortgage Licensing System and Registry, background information for the following individuals associated with the corporation:

(a) directors,
(b) officers,
(c) subordinate officers with the responsibility for forming policy of the corporation,
(d) all natural persons owning or controlling ten percent or more of the corporation's shares.

These directors, officers, subordinate officers, and owners/controlling persons are required by these regulations to provide personal information and background information as requested by the Nationwide Mortgage Licensing System and Registry. A broker officer who conducts mortgage loan originator activities on behalf of a corporate real estate licensee must hold an individual mortgage loan originator license endorsement.

Notes

Cal. Code Regs. Tit. 10, § 2758.6

Note: Authority cited: Sections 10080 and 10166.17, Business and Professions Code. Reference: Sections 10150(d), 10151(e),10159 and 10159.2, Business and Professions Code.

1. New section filed 2-23-2010 as an emergency; operative 2-23-2010 (Register 2010, No. 9). A Certificate of Compliance must be transmitted to OAL by 8-23-2010 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 2-23-2010 order, including amendment of subsection (d), transmitted to OAL 5-6-2010 and filed 6-29-2010 (Register 2010, No. 27).

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