Jurris.COM
Section 50201 Of Chapter 4. Financial Condition, Transaction And Bond Requirements From California Financial Code >> Division 20. >> Chapter 4.
50201
. (a) A licensee issued a license for purposes of making or
servicing residential mortgage loans, including a licensee employing
one or more mortgage loan originators, shall continuously maintain a
minimum tangible net worth at all times of two hundred fifty thousand
dollars ($250,000).
(b) Tangible net worth shall be computed in accordance with generally accepted accounting principles.
(c) The commissioner may promulgate rules or regulations with respect to the requirements for minimum net worth, as are necessary to accomplish the purposes of this division and comply with the SAFE Act.
(b) Tangible net worth shall be computed in accordance with generally accepted accounting principles.
(c) The commissioner may promulgate rules or regulations with respect to the requirements for minimum net worth, as are necessary to accomplish the purposes of this division and comply with the SAFE Act.
