Cal. Code Regs. tit. 10 § 1950.316

Current through Register 2024 Notice Reg. No. 44, November 1, 2024
Section 1950.316 - Report of Civil, Criminal or Disciplinary Action
(a) A residential mortgage lender, residential mortgage lender and servicer, mortgage servicer, or mortgage loan originator shall immediately report to the Commissioner any civil, criminal or disciplinary action set forth in Section 50316 or 50317 of the Code, filed against the residential mortgage lender, mortgage servicer, residential mortgage lender and servicer, mortgage loan originator, or any of its officers, directors, partners, shareholders controlling 10 percent or more of the ownership interests, trustees or employees (as "employee" is defined in subdivision (h) of Section 50317 of the Code) through the NMLS in accordance with its procedures for transmission to the Commissioner on Forms MU1, MU2, MU3, or MU4. Any action that cannot be reported through NMLS shall be reported directly to the Commissioner.
(b) If a residential mortgage lender, mortgage servicer, or residential mortgage lender and servicer finds that a sponsored mortgage loan originator has not filed an amendment to his or her Form MU4, the residential mortgage lender, residential mortgage loan servicer, or residential mortgage lender and mortgage servicer shall proceed as required in Section 1950.122.5 of Subchapter 11.5 of these rules.

Cal. Code Regs. Tit. 10, § 1950.316

1. New article 10 (sections 1950.316-1950.317) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2. Amendment of section and NOTE filed 4-1-2010 as an emergency; operative 7-31-2010 (Register 2010, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.
3. Editorial correction of HISTORY 3 (Register 2010, No. 40).
4. Amendment of section and NOTE refiled 9-28-2010 as an emergency, including repealer of subsection (c); operative 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
5. Amendment of section and NOTE refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
6. Certificate of Compliance as to 12-23-2010 order, including amendment of subsection (b) and NOTE, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).

Note: Authority cited: Sections 50146 and 50304, Financial Code. Reference: Sections 50120, 50130, 50140, 50146, 50316 and 50317, Financial Code.

1. New article 10 (sections 1950.316-1950.317) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
2. Amendment of section and Note filed 4-1-2010 as an emergency; operative 7-31-2010 (Register 2010, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.
3. Editorial correction of History 3 (Register 2010, No. 40).
4. Amendment of section and Note refiled 9-28-2010 as an emergency, including repealer of subsection (c); operative 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
5. Amendment of section and Note refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
6. Certificate of Compliance as to 12-23-2010 order, including amendment of subsection (b) and Note, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).