No mortgage guaranty insurer shall pay any compensation to any person for transacting insurance for or with it based in whole or in part upon a commission basis unless such person is licensed pursuant to and subject to all the provisions of and restrictions in Chapter 5, Part 2, Division 1 of this code. This section shall not be construed so as to affect the meaning of any other provisions of this article.
Cal. Ins. Code § 12640.145
Rebates and Commissions
Known as the Mortgage Guaranty Insurance Act
The act spans §§ 12640–12640 (23 sections).
Added by Stats. 1963, Ch. 1284.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.