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The California Residential Mortgage Lending Act authorizes the Department of Corporations to take action against the licensee in California, officials said. The California Residential Mortgage Lending Act specifically addresses the business of federally approved mortgage lenders and servicers that formerly operated under the state real estate law. Based on the suspension by the New York Banking Department, the California Residential Mortgage Lending Act authorizes the Department of Corporations to take action against the licensee in California. |
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