California Business and Professions Code 10240.3 – (a) The commissioner shall apply the guidance on nontraditional …
(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 real estate brokers acting within the meaning of Section 10131.1 or subdivision (d) of Section 10131.
(b) The commissioner may adopt emergency and final regulations to clarify the application of this section as soon as possible.
Terms Used In California Business and Professions Code 10240.3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means the State of California, unless applied to the different parts of the United States. See California Business and Professions Code 21
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
(c) A real estate broker acting within the meaning of Section 10131.1 or subdivision (d) of Section 10131 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).
(Added by Stats. 2007, Ch. 301, Sec. 3. Effective January 1, 2008.)