Cal. Fin. Code § 22356
22356
Effective Jan 1, 2011Added by Stats. 2010, Ch. 640, Sec. 3. Effective January 1, 2011. Repealed as of January 1, 2015, pursuant to Section 22362.
- (a) A finder may be compensated by the licensee pursuant to the written agreement between the licensee and the finder, as described in Section 22357.
(b) The compensation of a finder by a licensee shall be subject to all of the following requirements:
- (1) No fee shall be paid to a finder in connection with a loan application until and unless that loan is consummated.
- (2) No fee shall be paid to a finder based upon the principal amount of the loan.
(3) No fee paid to a finder shall exceed the following amounts:
- (A) Forty-five dollars ($45) per loan for the first 40 loans originated each month at the finder’s location.
- (B) Forty dollars ($40) per loan for any subsequent loans originated during that month at the finder’s location.
- (4) The finder’s location for services under this article and other information required by Section 22357 has been reported to the commissioner and the finder has not been barred from providing services at that location by the commissioner.
- (c) No licensee shall, directly or indirectly, pass on to a borrower any fee, or any portion of any fee, that the licensee pays to a finder in connection with that borrower’s loan or loan application.