{"id":3148,"date":"2022-05-08T20:38:30","date_gmt":"2022-05-08T20:38:30","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=3148"},"modified":"2022-06-26T22:10:41","modified_gmt":"2022-06-26T22:10:41","slug":"bpc-10240-3","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/bpc-10240-3\/","title":{"rendered":"BPC 10240.3"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l2xrblrz-3631876bff9cc7d9cda72e9453cdb90f\">\n#top .av-special-heading.av-l2xrblrz-3631876bff9cc7d9cda72e9453cdb90f{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l2xrblrz-3631876bff9cc7d9cda72e9453cdb90f .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l2xrblrz-3631876bff9cc7d9cda72e9453cdb90f .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l2xrblrz-3631876bff9cc7d9cda72e9453cdb90f av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  > Business and Professions Code &#8211; BPC \u00a7 10240.3<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-722dek-5e9a1bcdae038ce0c0fb331291ee5edc\">\n#top .hr.hr-invisible.av-722dek-5e9a1bcdae038ce0c0fb331291ee5edc{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-722dek-5e9a1bcdae038ce0c0fb331291ee5edc hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-68lue4-213472fbf1bf5384dac8e5cdf770fca7 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-dmogs-455232e311f492c939cbf6d087e9c5fb\">\n#top .avia_search_element.av-dmogs-455232e311f492c939cbf6d087e9c5fb .av_searchform_wrapper{\nborder-color:#edae44;\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-dmogs-455232e311f492c939cbf6d087e9c5fb #s.av-input-field{\ncolor:#edae44;\n}\n#top .avia_search_element.av-dmogs-455232e311f492c939cbf6d087e9c5fb .av-input-field-icon.av-search-icon{\ncolor:#edae44;\n}\n#top .avia_search_element.av-dmogs-455232e311f492c939cbf6d087e9c5fb .av-input-field-icon.av-search-icon.avia-svg-icon svg:first-child{\nfill:#edae44;\nstroke:#edae44;\n}\n#top .avia_search_element.av-dmogs-455232e311f492c939cbf6d087e9c5fb #searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-dmogs-455232e311f492c939cbf6d087e9c5fb .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-dmogs-455232e311f492c939cbf6d087e9c5fb  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-dmogs-455232e311f492c939cbf6d087e9c5fb' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2e64t8-1b8fadb7e47eaf43da3d29a8d5db2444\">\n#top .hr.hr-invisible.av-2e64t8-1b8fadb7e47eaf43da3d29a8d5db2444{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-2e64t8-1b8fadb7e47eaf43da3d29a8d5db2444 hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l2xrc4zb-19af670c2cd417ee2ed5733b419741cc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><h2 class=\"row\">BPC \u00a7\u2002<span class=\"SS_SH SS_prior SS_tu1\">10240.3<\/span>. Application of guidance on nontraditional mortgage product risks and statement on subprime mortgage lending; Adoption of emergency and final regulations; Adherence to policies and procedures<\/h2>\n<div><\/div>\n<div class=\"row\">\n<div class=\"subsection\"><\/div>\n<p>(a)\u2002The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, and the Statement on Subprime Mortgage Lending published on July 17, 2007, by the aforementioned entities and the National Association of Consumer Credit Administrators, to real estate brokers acting within the meaning of <span class=\"cite\">Section 10131.1 or subdivision (d)\u00a0<\/span>of\u00a0<span class=\"cite\">Section 10131 <\/span>.<\/p>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p>(b)\u2002The commissioner may adopt emergency and final regulations to clarify the application of this section as soon as possible.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(c)\u2002A real estate broker acting within the meaning of\u00a0<span class=\"cite\">Section 10131.1 or subdivision (d)\u00a0<\/span>of\u00a0<span class=\"cite\">Section 10131\u00a0<\/span>shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in the documents described in subdivision (a).<\/p>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":9,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3148","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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