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Section 35816 Of Chapter 3. Prohibitions And Enforcement From California Health And Safety Code >> Division 24. >> Part 6. >> Chapter 3.
35816
. (a) The secretary shall adopt regulations applicable to all
persons who are in the business of originating residential mortgage
loans in this state, including, but not limited to, insurers,
mortgage bankers, investment bankers, and credit unions and who are
not depository institutions within the meaning of subsection (2) of
Section 2802 of Title 12 of the United States Code. The regulations
for residential mortgage loans shall impose substantially the same
reporting requirements by geographic area and loan product as are
imposed by the federal Home Mortgage Disclosure Act of 1975, as
amended (12 U.S.C. Sec. 2801 et seq.).
(b) This section does not apply to subsidiaries of depository institutions or subsidiaries of depository institution holding companies that are currently reporting to a federal or state regulatory agency as provided by the Home Mortgage Disclosure Act of 1975, as amended (12 U.S.C. Sec. 2801 et seq.) or are subject to substantially the same reporting requirements by geographic area and loan product pursuant to an act of a federal or state regulatory agency.
(b) This section does not apply to subsidiaries of depository institutions or subsidiaries of depository institution holding companies that are currently reporting to a federal or state regulatory agency as provided by the Home Mortgage Disclosure Act of 1975, as amended (12 U.S.C. Sec. 2801 et seq.) or are subject to substantially the same reporting requirements by geographic area and loan product pursuant to an act of a federal or state regulatory agency.
