California Finance Lenders Law
- 08/12/2013 -The Commissioner of the Department of Business Oversight is proposing further amendments to Sections 260.210, 260.211, 260.211.1, 260.231, 1422, 1422.7, 1423, 1430, 1581, 1582, 1805.204, and 1950.122.8 of Title 10 of the California Code of Regulations, originally published in the California Regulatory Notice Register 2012, No. 50-Z. This rulemaking action relates to amendments made in response to comments received regarding the proposed regulation and other nonsubstantive changes. The Department of Business Oversight also proposes other nonsubstantive changes throughout the text to amend Department-specific information as a result of the reorganization of state departments. The period within which to comment on these amendments ends on August 29, 2013. (PRO 18/11)
- 07/17/2013 - The California Foreclosure Reduction Act (“Act”) became effective January 1, 2013, significantly changing the landscape of the non-judicial foreclosure process in California. The Act applies to all mortgage servicers that conduct foreclosures in this state. However, many provisions in the Act apply to mortgage servicers that have foreclosed on more than 175 homes during the preceding calendar year. Click here for a summary of the Act and a list of such mortgage servicers previously licensed by the former Department of Corporations, now licensed by the Department of Business Oversight. At this time, no state-licensed bank or credit union previously licensed by the former Department of Financial Institutions, now licensed by the Department of Business Oversight, has more than 175 foreclosures in the preceding calendar year.
- 01/23/13 - The 2012 CFL Annual Report Instructions and Forms are now available.
- 01/17/13 - The 2012 Residential Mortgage Loan Report has been posted.
- 01/01/13 - The Commissioner has revised Commissioner’s Release No. 65-FS regarding new foreclosure laws taking effect on January 1, 2013. The revisions clarify certain requirements for mortgage servicers, and correct the operative date of provisions enacted by AB 1599 (Ch. 556, Stats. 2012), a bill requiring translated summaries of notices of default and sale.
- 12/07/12 - The Commissioner of Corporations proposes to adopt and amend various sections of Title 10 of the California Code of Regulations. This regulatory action proposes to, among other things: (1) amend license and renewal license application forms under the California Finance Lenders Law, the; (2) amend the application for a license under the California Finance Lenders Law regarding operating subsidiaries, reporting of past criminal acts and other violations, and self-certification for passive investors; and (3) adopt the annual report form under the California Finance Lenders Law. The period within which to comment on this proposed regulatory action ends on January 28, 2013.
- 12/04/12 - The Commissioner of Corporations has issued Release 65-FS to advise mortgage servicers of the new foreclosure laws effective January 1, 2013, including the landmark California Foreclosure Reduction Act (AB 268 (Ch. 86, Stats. 2012) and SB 900 (Ch. 87, Stats. 2012)), which reforms the foreclosure process.
- 11/30/12 - The California Corporations Commissioner has issued Release 64-FS to provide information to mortgage loan originators (MLOs) who are employed by bona fide nonprofit organizations, and who may be exempt from licensure requirements under Financial Code Section 22013(b) of the California Finance Lenders Law and Financial Code Section 50003.5(b) of the California Residential Mortgage Lending Act, as amended by AB 2666 (Chap. 264, Stats. 2012), effective January 1, 2013. For an MLO to qualify for the exemption, the bona fide nonprofit organization employer must register with the Department. The Commissioner of Corporations has posted the form and instructions for filing.
- Bona Fide Nonprofit Affordable Housing Organizations
- Finance Lender Consumer Information
- Search the Licensee Listing
Information on persons licensed under CFL that are engaged in making or brokering loans secured by residential real property is also available in NMLS Consumer Access.
- About the Law
- Who is required to obtain a Finance Lenders License or Branch License under the Finance Lenders Law?,
- How do I apply for a Finance Lenders License or Authorize a Branch Office under the Finance Lenders Law?
- Requirements after a Finance Lenders License has been Issued
- How Do I Amend a Finance Lenders License or a Branch Office License under the Finance Lenders Law?
- How Do I Surrender a Finance Lenders License or a Branch Office License under the Finance Lenders Law?
- Frequently Asked Questions
- Regulations, Legislation, Opinions, Releases
NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed mortgage companies, branches and individuals currently licensed through NMLS.
Information on CFL licensing requirements for companies and branches engaged in making or brokering loans secured by residential real property is also available in NMLS.
An application for a license under the California Finance Lenders Law for residential mortgage providers (mortgage lenders, brokers, mortgage lenders and brokers, and mortgage loan originators) should be filed through the Nationwide Mortgage Licensing System (NMLS).