Cal. Code Regs. Tit. 10, § 2945.2 - Effect of Prior License Discipline on Mortgage Loan Originator License Endorsement Application

Current through Register 2021 Notice, Register No. 40, October 1, 2021

(a) Where a real estate licensee was subject to a real estate license discipline action filed by the Bureau prior to January 1, 2010, resulting in discipline in the form of a revocation and/or suspension, such discipline in itself shall not be the sole basis to deny the issuance of a mortgage loan originator license endorsement.
(b) Where a real estate licensee was subject to a real estate license discipline action filed by the Bureau on January 1, 2010, or later, resulting in a revocation, a suspension, a voluntary surrender of a real estate license, a public reproval, and/or a bar order, such discipline alone may be cause for denial of a subsequent mortgage loan originator license endorsement.
(c) A disciplinary action resulting in the revocation of a real estate license with an immediate right to a restricted real estate license shall not constitute a revocation for purposes of invoking a lifetime ban from holding a mortgage loan originator license endorsement.

Notes

Cal. Code Regs. Tit. 10, § 2945.2

Note: Authority cited: Sections 10080 and 10166.17, Business and Professions Code. Reference: Sections 10150(d), 10151(e) and 10166.05(a), 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 A Certificate of Compliance must be transmitted to OAL by 8-23-2010 or emergency language will be repealed by operation of law on the following day.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 transmitted to OAL 5-6-2010 and filed 6-29-2010 (Register 2010, No. 27).
3. Change without regulatory effect amending subsections (a) and (b) filed 6-30-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 27).

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