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  1. #1

    How to get licensed to sell in CA-VA-UT

    Hey guys, Can someone help out with how we can get licensed to sell in these states?

    Is there a course i have to take or contact an attorney?
    Anyone have any contacts that can refer us to.

    Thanks in advance

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    In general, an applicant/licensee must: Broker must have and maintain a $50,000 net worth; Lender/Broker must have and maintain a $250,000 net worth. Obtain and maintain a minimum of $25,000 surety bond. The bond amount will be based on the amount of origination activities conducted by the licensee. Have a history absent any criminal history or history of sanctions by any regulatory agency resulting from dishonesty, fraud or deceit.
    Have a plan of business consistent with the business of finance lender.

    https://dfpi.ca.gov/california-finan...the%20licensee.

    You can also use a super broker that is licensed in the state. Which is probably the easiest route to go.
    Last edited by Olderguy; 03-20-2023 at 10:22 AM.
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  3. #3
    Senior Member Reputation points: 216519
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    https://mortgage.nationwidelicensing...edStateCo.aspx
    Start the NMLS process. Login to start and create an account.
    Make sure you have one file (combined PDF) that shows you EIN and state formation information.
    That's how you start with getting the California license at least.

  4. #4
    Senior Member Reputation points: 216519
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    Has anyone OUTSIDE of California actually done this? I'm really considering doing it. The only thing that's stopping me now is if I am actually required to file a Foreign Qualification for my non-CA LLC and then the annual minimum $800 tax to the California Franchise Tax Board. (But hey, until June 2023, the $70 fee is waived!)

    Anybody have insights?

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