(a) Except for FHA-insured or VA-guaranteed residential mortgage loans, no licensee shall:
- (1) Impose any charges upon a seller under a borrower's purchase contract; or
- (2) Impose any charges on the seller, pursuant to another agreement or loan commitment, unless specifically authorized in writing by that seller to do so.
- (b) For purposes of this Section, “seller” refers to the vendor of real estate which is the subject of the residential mortgage loan.
Note: Authority cited: Section 50304, Financial Code. Reference: Sections 50204, Financial Code.
History
1. New section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).