2012 California Codes
FIN - Financial Code
DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT [50000 - 50706]
CHAPTER 4 - Financial Condition, Transaction and Bond Requirements
Section 50201
(a) A licensee issued a license for purposes of making or servicing residential mortgage loans, including a licensee employing one or more mortgage loan originators, shall continuously maintain a minimum tangible net worth at all times of two hundred fifty thousand dollars ($250,000).
(b) Tangible net worth shall be computed in accordance with generally accepted accounting principles.
(c) The commissioner may promulgate rules or regulations with respect to the requirements for minimum net worth, as are necessary to accomplish the purposes of this division and comply with the SAFE Act.
(Amended by Stats. 2009, Ch. 160, Sec. 63. Effective October 11, 2009.)
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