Berryhill
Author
Existing law defines specified terms for purposes of the California Residential Mortgage Lending Act, which generally prohibits a person from engaging in the business of making residential mortgage loans or servicing residential mortgage loans without first obtaining a license from the Commissioner of Business Oversight in accordance with the act. Existing law defines a lender as a person who is an approved lender for the Federal Housing Administration, the Veterans Administration, the Farmers Home Administration, the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, who directly makes residential mortgage loans, and who makes the credit decision in the loan transactions. Existing law requires a licensee issued a license for purposes of making or servicing residential mortgage loans to continuously maintain a minimum tangible net worth of $250,000. This bill would specify that the term "lender" includes a person, other than a natural person, and a natural person who is also an independent contractor, who engages in the activities of a loan processor or underwriter for residential mortgage loans, but does not solicit loan applicants, originate mortgage loans, or fund mortgage loans, as specified. The bill would authorize the commissioner to require a licensee who is engaged in the processing or underwriting of residential mortgage loans to continuously maintain a minimum tangible net worth in an amount that is greater than $250,000, but that does not exceed the net worth required of an approved lender under the Federal Housing Administration.
Chaptered by Secretary of State. Chapter 797, Statutes of 2016.
Approved by the Governor.
Enrolled and presented to the Governor at 1:30 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 5427.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
From committee: That the Assembly amendments be concurred in. (Ayes 7. Noes 0. Page 5077.)
Set for hearing August 17.
From committee: Be re-referred to Com. on B. & F.I. pursuant to Senate Rule 29.10(d). (Ayes 4. Noes 0. Page 4954.) Re-referred to Com. on B. & F.I.
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(d).
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 78. Noes 0. Page 5778.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 20. Noes 0.) (August 3).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (June 27). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.
In Assembly. Read first time. Held at Desk.
Unanimous consent granted to take up without reference to file.
Read third time. Urgency clause adopted. Passed. (Ayes 38. Noes 0. Page 2246.) Ordered to the Assembly.
From committee: Do pass. (Ayes 7. Noes 0. Page 2216.) (August 27).
Set for hearing August 27.
July 6 hearing: Placed on APPR. suspense file.
Set for hearing July 6.
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 10. Noes 0. Page 1452.) (June 16).
Set for hearing June 16.
April 27 hearing postponed by committee.
Set for hearing April 27.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after April 1.
Read first time.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB657 | HTML |
| 02/27/15 - Introduced | |
| 04/21/15 - Amended Senate | |
| 06/23/15 - Amended Senate | |
| 06/13/16 - Amended Assembly | |
| 08/01/16 - Amended Assembly | |
| 08/26/16 - Enrolled | |
| 09/29/16 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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