California § 10240.3 - The commissioner shall apply the guidance on nontraditional mortgage product risk
Full text of California Public Contract Code - PCC § 10240.3 — The commissioner shall apply the guidance on nontraditional mortgage product risk, with citation guidance and answers to common questions.
§ 10240.3. The commissioner shall apply the guidance on nontraditional mortgage product risk
(a) The 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 Section 10131.1 or subdivision (d) of Section 10131. (b) The commissioner may adopt emergency and final regulations to clarify the application of this section as soon as possible. (c) A real estate broker acting within the meaning of Section 10131.1 or subdivision (d) of Section 10131 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).
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 10240.3
What does Public Contract Code - PCC § 10240.3 cover?
Section 10240.3 ("The commissioner shall apply the guidance on nontraditional mortgage product risk") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 10240.3?
A common citation format is "Public Contract Code - PCC § 10240.3" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 10240.3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.