§ 2945.3. Effect of Prior Felony Conviction on Mortgage Loan Originator License Endorsement Application.

A conviction for any felony within seven (7) years of a real estate licensee's application for a mortgage loan originator license endorsement is cause for denial of the application. A felony conviction at any time in the applicant's personal history where such felony involved an act of fraud, dishonesty, a breach of trust, or money laundering is cause for denial of the application. These restrictions constitute a ban on the real estate licensee's ability to apply for a license endorsement. These restrictions are not subject to mitigation or rehabilitation.

HISTORY

1. New section filed 2-23-2010 as an emergency; operative 2-23-2010 (Register 2010, No. 9). A Certificate of Compliance must be transmitted to OAL by 8-23-2010 or emergency language will be repealed by operation of law on the following day.

2. Certificate of Compliance as to 2-23-2010 order transmitted to OAL 5-6-2010 and filed 6-29-2010 (Register 2010, No. 27).

Note

Note: Authority cited: Sections 10080 and 10166.17, Business and Professions Code. Reference: Sections 10150(d), 10151(e) and 10166.05(b), Business and Professions Code.