Section 4995.3 Of Division 1.10. Higher-priced Mortgage Loans From California Financial Code >> Division 1.10.
4995.3
. (a) Any licensed person who violates any provision of this
division shall be deemed to have violated that person's licensing
law.
(b) The licensing agency may, by order and after appropriate
administrative hearing, prohibit licensees under this division from
engaging in acts or practices in connection with higher-priced
mortgage loans that the licensing agency finds to be unfair,
deceptive, or designed to evade laws of this state.
(c) A violation of Section 2923.1 of the Civil Code in connection
with a higher-priced mortgage loan is a violation of this division.
(d) A violation of the provisions of Part 226 of Title 12 of the
Code of Federal Regulations, relating to prepayment penalties in
connection with higher-priced mortgage loans, is a violation of this
division.
(e) The provisions of this division may be enforced only by the
Attorney General or the licensed person's licensing agency. Any
licensed person who willfully and knowingly violates any provision of
this division shall be liable for a civil penalty of not more than
ten thousand dollars ($10,000) for each violation.
(f) A prepayment penalty or yield spread premium provision of a
higher-priced mortgage loan that violates this division shall be
unenforceable.