Juan Vargas
- Democratic
Author
(1) Existing law provides for the licensure and regulation of mortgage loan originators, as defined, by the Commissioner of Corporations under the California Finance Lenders Law and the California Residential Mortgage Lending Act. Existing law requires a real estate license endorsement by the Real Estate Commissioner under the Real Estate Law for a real estate licensee to engage in the business of a mortgage loan originator. Existing law prohibits the issuance of a mortgage loan originator license or a license endorsement to act as a mortgage loan originator if the applicant for a license or license endorsement has been convicted of, or pled guilty or nolo contendere to, a felony during the 7-year period preceding the date of the application for licensing or at any time preceding the date of application if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering. This bill would provide that an expunged or pardoned felony conviction does not require denial of a license or license endorsement but would authorize the consideration of the underlying crime, facts, or circumstances of the expunged or pardoned felony conviction when determining whether to issue a license or license endorsement, as specified. (2) Existing law exempts from the provisions of the California Finance Lenders Law specified persons and entities, including any person doing business under any law of any state or of the United States relating to banks, trust companies, savings and loan associations, and insurance premium finance agencies. A willful violation of the California Finance Lenders Law is a crime. This bill would authorize a person exempt from the provisions of the California Finance Lenders Law to apply to the Commissioner of Corporations for an exempt company registration for the purpose of sponsoring one or more individuals required to be licensed as mortgage loan originators under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) if specified requirements are met, including that the mortgage loan originator is covered under an exclusive written contract with, and originates mortgage loans solely on behalf of, the exempt person. The bill would require an exempt person to comply with all rules and orders that the commissioner deems necessary to ensure compliance with the federal SAFE Act and would require an exempt person to pay an annual registration fee established by the commissioner. The bill would authorize a licensed mortgage loan originator who is an insurance producer to originate loans on behalf of an exempt person or on behalf of a licensed finance lender that originates loans for an exempt person, as specified. Because a willful violation of these requirements under the California Finance Lenders Law would be a crime, this bill would impose a state-mandated local program. (3) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 444, Statutes of 2011.
Enrolled and presented to the Governor at 11:30 a.m.
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10.
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2421.) Ordered to engrossing and enrolling.
From committee: That the Assembly amendments be concurred in. (Ayes 6. Noes 0. Page 2433.)
From committee: Be re-referred to Com. on B. & F.I. pursuant to Senate Rule 29.10. (Ayes 5. Noes 0. Page 2382.) Re-referred to Com. on B. & F.I.
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 78. Noes 0. Page 3007.) Ordered to the Senate.
Ordered to third reading.
Read third time and amended. (Page 2772.)
Action rescinded whereby the bill was read a third time, passed, and ordered to Senate.
Ordered to third reading.
Read third time. Passed. (Ayes 77. Noes 1. Page 2688.) Ordered to the Senate.
Read third time and amended. (Page 2582.)
Ordered to third reading.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (August 17).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
Set, first hearing. Hearing canceled at the request of author.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (June 27).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.
Read third time. Passed. (Ayes 39. Noes 0. Page 1067.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Ordered to special consent calendar.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 0. Page 950.) (May 10).
Set for hearing May 10.
From committee: Do pass and re-refer to Com. on JUD. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 579.) (April 6). Re-referred to Com. on JUD.
Set for hearing April 6.
From printer. May be acted upon on or after March 12.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB217 | HTML |
| 02/09/11 - Introduced | |
| 06/16/11 - Amended Assembly | |
| 06/29/11 - Amended Assembly | |
| 08/15/11 - Amended Assembly | |
| 08/25/11 - Amended Assembly | |
| 09/01/11 - Amended Assembly | |
| 09/12/11 - Enrolled | |
| 10/03/11 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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