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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Exempt Company Registration This registration is available for a company that seeks to sponsor a state-licensed mortgage loan originator but who is not on NMLS and does not otherwise have a way to sponsor the mortgage loan originator in California through NMLS. This registration is discretionary. Consult the California Department of Financial Protection and Innovation (DFPI) before applying for this registration.
Financing Law (CFL) License This license is required for any company engaging in the business of making or brokering consumer or commercial loans, whether secured by real or personal property, or unsecured. A license may be issued as a lender, a broker, or both. A CFL broker license only authorizes a company to act as a broker in connection with loans made by a CFL lender. Licensees under the Residential Mortgage Lending Act and the Real Estate Law (Department of Real Estate licensees) are exempt from the CFL when engaged in activity under the authority of those licenses.
Money Transmitter License The Money Transmitter Division of the California Department of Financial Protection and Innovation (DFPI) licenses and regulates money transmitters, which includes issuers of payment instruments (money orders) and travelers’ checks and non-bank issuers of stored value. The California money transmission laws are found in the California Financial Code, Division 1.2, commencing with section 2000.
Property Assessed Clean Energy (PACE) Program Administrator License This license is required for any person administering a PACE program on behalf of, and with the written consent of, a public agency (California Financial Code sections 22018 and 22100.5).
Residential Mortgage Lending Act (CRMLA) license This license is required for any company or person who makes or services residential mortgage loans in California. A CRMLA license is an alternative to the licenses under the California Finance Lenders Law or the California Real Estate Law. A licensed CRMLA lender is authorized to provide brokerage services to its borrowers.
Student Loan Servicing License Pursuant to the “Student Loan Servicing Act” (California Financial Code Division 12.5, section 28100, et seq.), all persons engaged in the business of servicing student loans in California must be licensed, unless expressly excluded from coverage.
Branch Licenses Description Requirements Checklist
Financing Law (CFL) License (Branch) This license is required for all locations, other than the main office identified on the CFL license, that conducts business with California borrowers.
Property Assessed Clean Energy (PACE) Program Administrator Branch License This license is required for a PACE Program Administrator seeking to engage in business at a new location. A branch license application must be submitted to the Commissioner at least 10 days before engaging in business at a new location (California Financial Code section 22102). A company may only apply for this branch license if it currently holds a PACE Program Administrator license or has already submitted a new company application for a PACE Program Administrator license.
Residential Mortgage Lending Act (CRMLA) license (Branch) Each branch location desiring to conduct business under this license authority must be separately authorized and will require a filing of Form MU3 through the NMLS. All locations in California must be authorized.
Student Loan Servicing Branch License Pursuant to the “Student Loan Servicing Act” (California Financial Code Division 12.5, section 28100, et seq.), all persons engaged in the business of servicing student loans in California must be licensed, unless expressly excluded from coverage.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License Any person who originates residential mortgage loans must apply for and receive a mortgage loan originator license by July 31, 2010.
 

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