4995. The following definitions shall apply for purposes of this division: (a) “Higher-priced mortgage loan” has the meaning set forth in Section 1026.35 of Title 12 of the Code of Federal Regulations. (b) “Licensed person” means a real estate broker licensed under the Real Estate Law (Part 1 (commencing with Section 10000) of Division 4 of the […]
4995.1. Notwithstanding any other provision of law, the maximum amount of a prepayment penalty that may be imposed by a licensed person in connection with a higher-priced mortgage loan shall not exceed 2 percent of the principal balance prepaid, for prepayment of the loan during the first 12 months following loan consummation or 1 percent […]
4995.2. (a) This division shall apply to any licensed person who in bad faith attempts to avoid the application of this division by doing either of the following: (1) Dividing any loan transaction into separate parts for the purpose and with the intent of evading the provisions of this division. (2) Any other subterfuge. (b) Notwithstanding any other provision […]
4995.3. (a) Any licensed person who violates any provision of this division shall be deemed to have violated that person’s licensing law. (b) The licensing agency may, by order and after appropriate administrative hearing, prohibit licensees under this division from engaging in acts or practices in connection with higher-priced mortgage loans that the licensing agency finds to […]
4995.4. The provisions of this division shall apply to higher-priced mortgage loans originated on or after July 1, 2010. (Added by Stats. 2009, Ch. 629, Sec. 4. (AB 260) Effective January 1, 2010.)
4995.5. The provisions of this division are severable. If any provision of this division or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application. (Added by Stats. 2009, Ch. 629, Sec. 4. (AB 260) Effective January 1, 2010.)
4995.6. Nothing in this division shall be construed to affect any other rights or remedies otherwise available under the law. (Added by Stats. 2009, Ch. 629, Sec. 4. (AB 260) Effective January 1, 2010.)
