Title FIN, California Fin. Code

“Resulting,” when used with respect to a corporation, means: (a) In the case of a consolidation, the corporation into which the constituent corporations are consolidated. (b) In the case of a conversion, the corporation into which the converting corporation is converted. (Added b…

“ROCA supervisory rating” shall have the meaning set forth in Section 327.8(k) of Title 12 of the Code of Federal Regulations. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

“Savings association” includes a savings association, a savings and loan association, and a savings bank. However, “savings association” does not include any savings bank of the type defined in Section 3(g) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(g)). (Added …

“Series,” when used with respect to shares, has the meaning set forth in Section 183 of the Corporations Code. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

This division shall be known and may be cited as the Money Transmission Act. (Amended by Stats. 2012, Ch. 356, Sec. 2. (SB 979) Effective January 1, 2013.)

The Legislature finds and declares all of the following: (a) Money transmission businesses conduct a significant amount of business in this state and technological advances are occurring in the provision of money transmission services, which have expanded money transmission to in…

It is the intent of the Legislature that the provisions of this act accomplish all of the following: (a) Protect the interests of persons in this state who use money transmission services. (b) Provide for the safe and sound conduct of the business of licensees. (c) Maintain publi…

For purposes of this division: (a) “Affiliate,” when used with respect to a specified person, means any person controlling, controlled by, or under common control with, that specified person, directly or indirectly through one or more intermediaries. For purposes of subdivisions …

“Shares” has the meaning set forth in Section 184 of the Corporations Code. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

“Shareholder” has the meaning set forth in Section 185 of the Corporations Code. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

“State”: (a) When used with respect to a corporation, means a corporation that is organized under the laws of a state of the United States. (b) When used with respect to an office of a foreign (other nation) bank, means an office that the bank is authorized to maintain under the …

“State of the United States” means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. (Added by Stats. 2…

“Surviving,” when used with respect to a corporation, means a corporation in which one or more other corporations are merged. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

“Uniform Interagency Trust Rating System (UITRS)” shall have the meaning set forth in the policy statement regarding the uniform interagency trust rating system published by the Federal Financial Institutions Examination Council on October 13, 1998 (63 Fed. Reg. 54704). (Added by…

“Uniform Rating System for Informational Technology (URSIT)” shall have the meaning set forth in the policy statement regarding the uniform rating system for information technology published by the Federal Financial Institutions Examination Council on January 20, 1999, and implem…

“Vote” has the meaning set forth in Section 194 of the Corporations Code. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

“Voting power” has the meaning set forth in Section 194.5 of the Corporations Code. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, trust companies, fiduciaries, or fiduciary institutions may invest in, or purchase such classes of first liens as are commonly given to secure advanc…

Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, trust companies, fiduciaries, fiduciary institutions, or public or private agencies may invest in, or purchase obligations of national mortgage assoc…

Insurance companies, personal finance companies, mortgage companies, or mortgage insurance companies may make, invest in, or purchase loans or advances of credit insured by the Federal Housing Administrator. (Enacted by Stats. 1951, Ch. 364.)

Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, or trust companies may make such loans secured by real property or leasehold, as the Federal Housing Administrator insures, or makes a commitment to …

No law of this State, prescribing the nature, amount or form of security or requiring security upon which loans or investments may be made, or prescribing or limiting interest rates upon loans or advances of credit or prescribing or limiting the period for which loans or investme…

This division is known and may be cited as the “Securities Depository Law.” (Added by Stats. 1972, Ch. 1057.)

Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division. (Added by Stats. 1972, Ch. 1057.)

“Commissioner” means the Commissioner of Financial Protection and Innovation. (Amended by Stats. 2022, Ch. 452, Sec. 154. (SB 1498) Effective January 1, 2023.)

“Person” means, in addition to the singular, persons, group of persons, cooperative, association, company, firm, partnership, corporation, limited liability company, or other legal entity. (Amended by Stats. 1994, Ch. 1010, Sec. 118. Effective January 1, 1995.)

“Securities depository” means any person or group of persons who acts as the custodian of securities in accordance with a system for the central handling of securities whereby all securities of a particular class or series of any issues deposited within the system are treated as …

This division does not apply to: (a) A securities depository which is operated by a corporation, all of the capital stock (other than directors’ qualifying shares, if any) of which is held by or for a national securities exchange or association registered under a statute of the U…

The commissioner may establish such rules and regulations as are reasonable or necessary to carry out the purposes and provisions of this division. The commissioner may, by rule, exempt from any or all of the provisions of this division any securities depository which the commiss…

This division shall be known as the Digital Financial Assets Law. (Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)

For purposes of this division: (a) “Applicant” means a person that applies for a license under this division. (b) “Bank” means a bank, savings bank, savings and loan association, savings association, or industrial loan company chartered under the laws of this state or any other s…

(a) Except as otherwise provided in subdivision (b), this division governs the digital financial asset business activity of a person doing business in this state or, wherever located, who engages in or holds itself out as engaging in the activity with, or on behalf of, a resident…

For purposes of this division: (a) “Annual percentage rate” means the annual percentage rate for the loan calculated according to the provisions of the federal Truth in Lending Act and the regulations adopted thereunder by the Consumer Financial Protection Bureau. (b) “Covered lo…

This division will be known and may be cited as the California Residential Mortgage Lending Act. (Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)

Unless the context otherwise requires, the definitions in this chapter apply throughout this division. (Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)

(a) No person shall engage in the business of making residential mortgage loans or servicing residential mortgage loans, in this state, without first obtaining a license from the commissioner in accordance with the requirements of Chapter 2 (commencing with Section 50120) or Chap…

(a) Every licensee engaging in the business of making, servicing, or making and servicing residential mortgage loans shall require that every mortgage loan originator employed or compensated by that licensee obtains and maintains a mortgage loan originator license from the commis…

(a) “Annual audit” means a certified audit of the licensee’s books, records, and systems of internal control performed by an independent certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards. (b) “Borrowe…

(a) “Mortgage loan originator” means an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. (b) Mortgage loan originator does not inclu…

(a) A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual c…

“Fraud,” “deceit,” and “defraud” are not limited to common law fraud or deceit. (Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)

This division creates and authorizes a class of exempt persons pursuant to Section 1 of Article XV of the California Constitution. (Amended by Stats. 1995, Ch. 564, Sec. 7. Effective January 1, 1996.)

No person subject to this law shall use in its name “bank,” “trust,” “trustee,” “loan association,” or related terms. This section does not apply to any person licensed under the Banking Law or the Savings Association Law. (Added by Stats. 1994, Ch. 994, Sec. 7. Effective January…

(a) The Legislature finds and declares all of the following: (1) California consumers are vulnerable to abuse if the state lacks a dedicated financial services regulator with broad authority over providers of financial products and services. The lack of such a regulator has left …

This division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 2000), Division 1.6 (commencing with Section 4800), Division 2 (commencing with Section 5000), Division 5 (commencing with Section 14000), Division 7 (commencing with Section 18000),…

(a) The commissioner shall administer this division and may adopt rules and regulations, and issue orders, consistent with that authority. (b) Without limitation, the functions, powers, and duties of the commissioner include all of the following: (1) To issue or to refuse to issu…