Section 50123 Of Chapter 2. Licensing: Residential Mortgage Lender From California Financial Code >> Division 20. >> Chapter 2.
50123
. (a) A residential mortgage lender license shall remain in
effect until suspended, surrendered, or revoked.
(b) A residential mortgage lender licensee that ceases to engage
in the business regulated by this division and desires to no longer
be licensed shall inform the commissioner in writing and, at that
time, surrender the license and all other indicia of licensure to the
commissioner. The licensee shall file a plan for the withdrawal from
regulated business, and the plan shall include a timetable for the
disposition of the business. The plan shall also include a closing
audit, review, or other agreed upon procedures performed by an
independent certified public accountant prescribed by rule or order
of the commissioner. Upon receipt of the written notice and plan, the
commissioner shall review the plan and, if satisfactory to the
commissioner, shall accept the surrender of the license. A license is
not surrendered until its tender is accepted in writing by the
commissioner after a review, and a finding has been made on the
licensee's plan required to be filed by this section, and a
determination has been made that there is no violation of this law.
(c) A residential mortgage lender or servicer licensee may not
surrender its license under this division and, under the authority of
a real estate license, subsequently engage in residential mortgage
lending or servicing activities that are subject to this division,
unless the licensee has been licensed under this division for a
period of five years or more.