90029.
Except as provided in Section 90035, an applicant for registration pursuant to this chapter shall do all of the following:(a) An applicant shall complete and file Form MU1 in accordance with the instructions of NMLS and this chapter for transmission to the commissioner. Unless otherwise specified in this section, an applicant shall complete all sections of Form MU1. All exhibits and supporting documents related to the application or amendment required by NMLS or identified in this section shall also be filed with NMLS, unless otherwise specified, in accordance with the instructions of NMLS and this chapter for transmission to the commissioner. An applicant shall provide the following information, exhibits, and documentation in accordance with this section.
(1) Applicants are not required to complete Item Number 9 (Approvals and Designations), Item Number 10 (Bank Account Information), or Item Number 17 (Qualifying Individuals) of Form MU1.
(2) On Item Number 1 of Form MU1 (Business Activities), an applicant shall indicate that it will offer or provide commercial financing activities by selecting “Commercial Financing (Lending/Brokering)” under the Consumer Finance section of the form.
(3) An applicant shall provide all identifying information on Item Number 2 of Form MU1, including, the entity’s name, IRS employee identification number or social security number, legal name amendment, main address, not including a post office box, business telephone number, toll-free number for consumers, fax line, email address, mailing address, and a statement as to whether the entity
conducts business with California residents through branch offices or other business locations.
(4) An applicant shall provide all fictitious business names on Item Number 3 of Form MU1. An applicant and registrant shall comply with the laws governing the filing of a fictitious business name set forth in Chapter 5 (commencing with Section 17900) of Part 3 of Division 7 of the Business and Professions Code.
(5) An applicant shall list the contact information for its agent for service of process on Item Number 4 of Form MU1.
(6) An applicant shall list the full web addresses and any separate website addresses for fictitious business names it uses to offer or provide consumer financial products and services to California residents and indicate whether the applicant transacts business through the websites on Item Number
5 of Form MU1.
(7) An applicant shall provide the name, title, physical address, email address, and telephone and fax number of the contact employee to serve as the primary contact for compliance and licensing matters and the contact employee for consumer complaints (regulator) on Item Number 6 of Form MU1. The applicant may add additional contact employees for licensing and consumer complaints (regulator) on Item Number 7 of Form MU1.
(8) An applicant shall provide the name, address, telephone number, fax number, and email address of the custodian of records for the entity on Item Number 8 of Form MU1. This address may be the same as the entity’s main address.
(9) An applicant shall provide information on its legal status on Item Number 11 of Form MU1, including the entity’s fiscal year end, the date and place the
entity obtained its legal status, stock symbol if the entity is publicly traded, and the entity’s legal status.
(10) An applicant shall provide information on each entity under common ownership (affiliates) and each entity under the applicant’s control (subsidiaries) that provides consumer financial products or services to California residents on Item Number 12 of Form MU1, including the name, address, and description of each affiliate and subsidiary and an organization chart or document describing the relationship and percentage of ownership.
(11) An applicant shall provide information on whether it is controlled by certain financial institutions on Item Number 13 of Form MU1, including, the name, address, and the type of institution, and relationship of the institution to the applicant.
(12) An applicant shall
disclose and provide complete information on its criminal history, regulatory actions, civil actions, and financial history, including complete details where the applicant answers “YES” to any disclosure question listed on Item Number 14 of Form MU1.
(13) (A) An applicant shall provide the name and title, percentage of ownership of the applicant, NMLS identification number, and federal identification number or social security number of the following individuals on Item Numbers 15 and 16 of Form MU1:
(i) Applicant, if an individual.
(ii) Principal officers.
(iii) Directors.
(iv) Managing members, if the applicant is a limited liability company.
(v) General and managing partners, if the applicant is a partnership.
(vi) Trustees, if the applicant is a trust.
(vii) Any other individual who, directly or indirectly, owns, manages, holds with the power to vote, or holds proxies representing, 10 percent or more of the outstanding voting securities issued by the applicant and controls that applicant.
(viii) Any individual primarily responsible for the applicant’s offering or provision of subject products in California.
(B) For each individual, the applicant shall complete Form MU2 in accordance with the instructions of NMLS and this chapter for transmission to the commissioner. The applicant shall complete Form MU2 except for J and K of
Item Number 1 (Passport Issuing Country and Passport Number), Item Number 7 (Fingerprint Information), and Item Number 8 (Credit Report). The applicant shall disclose and provide complete details where the applicant answers “YES” to any disclosure question listed on the individual’s criminal history, regulatory actions, civil actions, and financial history in Item Number 6.
(14) An applicant shall file with NMLS a management chart identifying the following individuals by name and title:
(A) Directors.
(B) Principal officers.
(C) Any individual primarily responsible for the applicant’s offering or provision of a subject product in California.
(D) General and managing partners.
(E) Managing members.
(F) Trustees.
(15) An applicant shall file with NMLS a detailed description of the applicant’s business activities relating to the offering or provision of subject products in California that includes the following information:
(A) A description of all products or services offered or provided to California residents including, but not limited to, subject products.
(B) A detailed schedule of the charges associated with the products and services provided to California residents including, but not limited to, subject products. Where charges vary based upon the type of the transaction or other factors, the applicant shall provide a description of how charges are set or
determined.
(C) A description of how the applicant markets to California residents who may be consumers of subject products, including identifying any websites, social media accounts, and third-party brokers or lead generators that the applicant uses to acquire potential California consumers for its products or services.
(D) Whether the applicant offers or provides subject products to California residents through a mobile application.
(16) The individual attesting to the filing of the Form MU1 must be a duly authorized individual who has submitted a Form MU2 or has been delegated to attest to the filing by an individual who has submitted a Form MU2.
(b) An applicant shall pay a nonrefundable application fee of three hundred fifty dollars ($350) through
NMLS for transmission to the commissioner.
(c) An application for registration shall be deemed complete when all required fees and all information required by this section are received by the commissioner. The filing of Forms MU1 and MU2 with NMLS does not constitute automatic approval of a registration. Within 30 days of an applicant filing Forms MU1 and MU2 and other information, and paying all required fees, the commissioner shall do either of the following:
(1) Inform the applicant in writing that the registration application has been approved.
(2) Inform the applicant in writing that the applicant has not fully completed parts of the application, identify the part or parts that have not been fully completed, and state that the application will be considered abandoned if the applicant does not respond within 60
days.
(d) Except as provided in subdivision (f), if an applicant submits additional information after receiving a notice of deficiency under paragraph (2) of subdivision (c) or paragraph (2), the commissioner shall, within 30 days, do either of the following:
(1) Inform the applicant in writing that the registration application has been approved.
(2) Inform the applicant in writing that the applicant has not fully completed parts of the application, identify the part or parts that have not been fully completed, and state that the application will be considered abandoned if the applicant does not respond within 60 days.
(e) If an applicant fails to respond to the notice of deficiency provided under paragraph (2) of subdivision (c) or paragraph (2) of
subdivision (d) within 60 days, the commissioner shall deem the application for registration abandoned.
(f) If the applicant fails to submit a complete application within 60 days after the third notice of deficiency under paragraph (2) of subdivision (c) or paragraph (2) of subdivision (d) of this section, the commissioner shall deem the application for registration abandoned.
(g) An application fee paid in connection with an abandoned application shall not be refunded. Abandonment of an application does not preclude the applicant from submitting a new application and fee for a registration.
(h) Any reference to the terms “license” and “licensee” on Forms MU1 and MU2 or other NMLS information means “registration” and “registrant” for purposes of this chapter.