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HomeFinancial CodeDiv. 20Ch. 5§ 50301 Commissioner Licensing Authority

§ 50301 Commissioner Licensing Authority

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 50301 Commissioner Licensing Authority

Key Takeaways

  • •The commissioner can give or deny licenses to people or businesses.
  • •The commissioner can take away or pause a license if someone breaks the rules.
  • •The commissioner can ask for and check papers, money records, and other important info to make sure license holders are honest and good at their job.
  • •The commissioner can charge fees and fines to pay for the work they do.

Example

A person wants to start a business that helps people get home loans.

The commissioner checks if the person is honest and good with money. If the person lies or is bad with money, the commissioner can say no to giving them a license. If they get the license but later do something bad, like cheating people, the commissioner can take the license away and fine them.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 50301 Commissioner Licensing Authority

Without limitation, the functions, powers, and duties of the commissioner include the following: (a) To issue or refuse to issue a license as provided by this division. (b) To revoke or suspend for cause any license as provided by this division. (c) To keep records of licenses issued under this division. (d) To receive, consider, investigate, and act upon complaints made in connection with a licensee. (e) To prescribe the forms of and receive (1) applications for licenses and (2) reports and books and records required to be made by a licensee under this division, including annual audited financial statements. (f) To subpoena documents and witnesses and compel their attendance and production, to administer oaths, and to require the production of books, papers, or other materials relevant to any inquiry authorized by this division. (g) To require information with regard to a license applicant that the commissioner may deem necessary, with regard for the paramount public interest in ascertaining the experience, background, honesty, truthfulness, integrity, and competency of the license applicant for financial transactions involving primary or subordinate mortgage financing, and if the license applicant is an entity other than an individual, in ascertaining the honesty, truthfulness, integrity, and competency of an officer or director of the corporation, association, or other entity, or the members of a partnership. (h) To enforce by order any provision of this division. (i) To levy fees, fines, and charges in an amount sufficient to cover the cost of the services performed in administering this division, as set forth by rule. (j) To appoint examiners, supervisors, experts, and special assistants as needed to effectively and efficiently administer this division. (Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)

Last verified: January 23, 2026

Key Terms

partnershipcorporationcommissionmortgagesubpoenaportlicensefine

Related Statutes

  • § 100003 Commissioner Licensing Authority
  • § 28106 Commissioner Licensing Authority
  • § 50121 Residential Mortgage Lender Licensing
  • § 500 Foreign Bank Examination Authority
  • § 50307 Annual Mortgage Lender Reports

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 50301.
View Official Source