Section 4979.5 Of Chapter 3. Enforcement From California Financial Code >> Division 1.7. >> Chapter 3.
4979.5
. (a) A person who provides brokerage services to a borrower
in a covered loan transaction by soliciting lenders or otherwise
negotiating a consumer loan secured by real property, is the
fiduciary of the consumer, and any violation of the person's
fiduciary duties shall be a violation of this section. A broker who
arranges a covered loan owes this fiduciary duty to the consumer
regardless of who else the broker may be acting as an agent for in
the course of the loan transaction.
(b) Except for a broker or a person who provides brokerage
services, no licensed person or subsequent assignee shall have
administrative, civil, or criminal liability for a violation of this
section.