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"Important Mortgage Loan Activity Licensing Requirements - Senate Bill 36/SAFE ACT
NEW FILING REQUIREMENTS FOR LICENSEES WHO CONDUCT RESIDENTIAL MORTGAGE LOAN ACTIVITIES
Effective January 1, 2010, all licensees must report to the Department of Real Estate if they make, arrange, or service loans secured by residential property, 1 to 4 units. The report must be made within 30 days of commencing activity and must be completed online using Form RE 866 - Mortgage Loan Activity Notification.
Penalty fees can apply for failure to submit this required notification. Penalties are fifty dollars ($50) per day for the first 30 days the report is not filed and one hundred dollars ($100) per day for every day thereafter not to exceed a maximum of $10,000."
