A license authorizes the holder to do something that he or she would not be entitled to do without the license. Licensing may be directed toward revenue raising purposes, or toward regulation of the licensed activity, or both. Statutes frequently require that a person obtain a license before practicing certain professions such as law or medicine, or before carrying on a particular business such as that of a real estate broker or stock broker. If the license is required to protect the public from unqualified persons, an assignment of that license to secure a loan would probably not be enforceable.
California Assignment of Business License as Security for a Loan
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Multi-State
Control #:
US-01467BG
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Word;
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How to fill out Assignment Of Business License As Security For A Loan?
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FAQ
In general, any person engaging in the business of a finance lender or finance broker in California is required to obtain a license under the California Financing Law. The California Financing Law contains a number of exemptions for persons licensed by other regulatory agencies.
Licensing ? Application An application for a license under the California Financing Law for any person engaged in the business of making or brokering of loans, or for any individual originating mortgage loans, should be filed through the Nationwide Multistate Licensing System (NMLS).
An application for a license under the California Financing Law for persons engaging in residential lending or brokering must be filed through the Nationwide Multistate Licensing System (NMLS). Select ?Getting Started? on the NMLS Resource Center page.
Consult the California Department of Financial Protection and Innovation (DFPI) before applying for this registration. This license is required for any company engaging in the business of making or brokering consumer or commercial loans, whether secured by real or personal property, or unsecured.
All MLOs employed by finance lenders/brokers under the California Finance Law (CFL) or residential mortgage lenders/servicers under the California Residential Mortgage Lending Act (CRMLA) must be licensed.
A CFL licensee can only act as a broker for another CFL lender and cannot take investment money from unlicensed investors. This is the largest difference between the licenses. CFLs are supposed to primarily act as direct lenders, using their own capital to make loans with limited brokering authority.
An application for a license under the California Financing Law for persons engaging in residential lending or brokering must be filed through the Nationwide Multistate Licensing System (NMLS). Select ?Getting Started? on the NMLS Resource Center page.
The DRE NMLS LO Endorsement is used by loan originators working for DRE companies. The DFPI LO License is used by loan originators working for CFL or CRML companies. The DRE NMLS LO Endorsement is much harder to get than the DFPI LO License.