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Section 50401 Of Chapter 6. Assessments From California Financial Code >> Division 20. >> Chapter 6.
50401
. (a) In addition to other fees and reimbursements required to
be paid under this division, each residential mortgage lender or
servicer licensee shall pay to the commissioner an amount equal to
the lesser of: (1) its pro rata share of all costs and expenses
(including overhead and the maintenance of a prudent reserve not to
exceed 90 days' costs and expenses) that the commissioner reasonably
expects to incur in the current fiscal year in the administration of
this division and not otherwise recovered by the commissioner under
this division or from the State Corporations Fund, plus a deficit or
less a surplus actually incurred during the prior fiscal year; or (2)
five thousand dollars ($5,000). The pro rata share shall be the
greater of either one thousand dollars ($1,000) or the sum of: (A) a
number derived from the ratio of the aggregate principal amount of
the mortgage loans secured by residential real property originated by
the licensee to all mortgage loans secured by residential real
property originated by all licensees under this division, as shown by
the annual financial reports to the commissioner, which number is
then multiplied by one-half of the costs and expenses estimated by
the commissioner for the current fiscal year; plus (B) a number
derived from the ratio of the average value of mortgage loans secured
by residential real property serviced by a licensee to the average
value of all mortgage loans secured by residential real property
serviced by all licensees under this division, as shown by the annual
financial reports to the commissioner, which number is then
multiplied by one-half of the costs and expenses estimated by the
commissioner for the current fiscal year. For the purposes of this
section, the "principal amount" of a mortgage loan means the initial
total amount a borrower is obligated to repay the lender and the
"average value" of loans serviced means the sum of the aggregate
dollar value of all mortgage loans secured by residential real
property serviced by a licensee, calculated as of the last day of
each month in the calendar year just ended, divided by 12.
In order for the commissioner to calculate the assessment under
this section, each licensee shall file an annual report for the
calendar year just ended containing the information required by the
commissioner on or before March 1 of the year in which the assessment
is to be calculated.
In determining the amount assessed, the commissioner shall
consider all appropriations from the State Corporations Fund for the
support of this division and all reimbursements provided for under
this division.
(b) In no case shall the reimbursement, payment, or other fee authorized by this section exceed the cost, including overhead, reasonably incurred in the administration of this division, and the maintenance of a prudent reserve not to exceed 90 days' costs and expenses.
(c) On or before the 30th day of September in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 20 days. If payment is not made within 20 days, the commissioner shall assess and collect a penalty, in addition to the assessment of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.
(d) If a licensee fails to pay the assessment on or before the 30th day following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the license issued to the licensee. An order issued under this section is not stayed by the filing of a request for a hearing. If, after an order is made, the request for hearing is filed in writing within 15 days from the date of service of the order and a hearing is not held within 60 days of the filing, the order is deemed rescinded as of its effective date. During a period when its license is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by further order of the commissioner. However, the revocation, suspension, or surrender of a license shall not affect the powers of the commissioner as provided in this division.
(b) In no case shall the reimbursement, payment, or other fee authorized by this section exceed the cost, including overhead, reasonably incurred in the administration of this division, and the maintenance of a prudent reserve not to exceed 90 days' costs and expenses.
(c) On or before the 30th day of September in each year, the commissioner shall notify each licensee by mail of the amount assessed and levied against it and that amount shall be paid within 20 days. If payment is not made within 20 days, the commissioner shall assess and collect a penalty, in addition to the assessment of 1 percent of the assessment for each month or part of a month that the payment is delayed or withheld.
(d) If a licensee fails to pay the assessment on or before the 30th day following the day upon which payment is due, the commissioner may by order summarily suspend or revoke the license issued to the licensee. An order issued under this section is not stayed by the filing of a request for a hearing. If, after an order is made, the request for hearing is filed in writing within 15 days from the date of service of the order and a hearing is not held within 60 days of the filing, the order is deemed rescinded as of its effective date. During a period when its license is revoked or suspended, a licensee shall not conduct business pursuant to this division except as may be permitted by further order of the commissioner. However, the revocation, suspension, or surrender of a license shall not affect the powers of the commissioner as provided in this division.
