Cal. Financial Code § 22171
Cal. Financial Code § 22171
California · California Financial Code · Status: effective · Effective 2009-10-11
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- Citation
- Cal. Financial Code § 22171, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/815586
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Full text
(a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, and the Statement on Subprime Mortgage Lending published on July 17, 2007, by the aforementioned entities and the National Association of Consumer Credit Administrators, to licensees.
(b) The commissioner may adopt emergency and final regulations to clarify the application of this section as soon as possible.
(c) A finance lender or broker licensee shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in the documents described in subdivision (a). A mortgage loan originator licensee shall adhere to policies and procedures developed by its employer in accordance with this division and applicable federal law and regulation.