Legal Question in Real Estate Law in California

loan brokering

what type of, if any, license is required to facilitate or ''broker'' loans in california. general business license? or real estate agents or brokers license? and which sections of the california code specify these license requirements.

thank you very much.


Asked on 8/13/01, 6:18 pm

3 Answers from Attorneys
Michael Cortson Law Office of Michael D. Cortson, Esq.

Re: loan brokering

Loan brokers must be licensed by the Department of Real Estate. You can look at the Business and Professions Code for details.

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Answered on 8/14/01, 12:04 pm
Ken Koenen Koenen & Tokunaga, P.C.

Re: loan brokering

You are required to be a licensed real estate broker in California if you are working independantly. I California Real Estate Agent license is required if you are working under the supervision of a Licensed Real Estate Broker. Finally, if you are an employee of a financial institution, such as a bank, you do not need a real estate agent or broker license, if you are doing the loans through the bank.

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Answered on 8/15/01, 5:54 pm
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: loan brokering

If you're talking loans secured by real estate, you need a broker's license from the Department of Real Estate. Other forms of lending are also regulated, i.e. pawnbrokers, payroll-advance loans, etc. The applicable laws are found in the Business and Professions Code, also the Finance Code sections 22000-28001 (California Finance Lenders' Law). Usury laws are found in the California Constitution. There may be other laws as well as local ordinances. To be sure of uncovering all applicable laws and regulations you would have to discuss with your lawyer exactly what type of loan or lending practice you intend to engage in, including the type of collateral.

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Answered on 8/14/01, 4:04 pm


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