Legal Question in Business Law in California

notes

Do I need a license to transact notes in california? For example:

If I find an owner of a note secured by real estate can I find an investor to buy the note at a discount and make a commission (finders fee) for bringing the seller and the buyer together? will this type of transaction require I obtain a license? If so, what type?


Asked on 5/22/07, 7:00 pm

2 Answers from Attorneys
Terry A. Nelson Nelson & Lawless

Re: notes

To avoid criminal charges, you must be either a licensed real estate broker, or licensed mortgage broker, each of which has substantial education requirements, plus passing an FBI background check and state licensing test, plus regular 'continuing education' requirements.

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Answered on 5/23/07, 7:20 pm
Jeb Burton The Burton Law Firm

Re: notes

What you just described is a mortgage broker. Yes you do need a license under the California Business and Professions Code.

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Answered on 5/22/07, 7:09 pm


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