I was looking into becoming "note finder" in which I find private "note holders" receiving monthly payments from a promissory note secured by a trust deed and referring these individuals to investors of these promissory notes. What process would I need to take to make sure that my services are legit?
2 Answers from Attorneys
Sounds like you need a Real Estate Broker's license or a Real Estate Finance Lender's License (i.e. a mortgage broker's license).
I'd say one or the other of the licenses mentioned by Mr. McCormick would be a minimum. Under the expansive definition of "securities" in securities law, you might also need a securities dealer's registration. Check with the California Department of Real Estate and the National Association of Securities Dealers (NASD).
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