California Codes

Cal. Financial Code § 4979.5 (2026)

✓ current as of May 2026

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(a)A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer loan secured by real property, is the fiduciary of the consumer, and any violation of the person’s fiduciary duties shall be a violation of this section. A broker who arranges a covered loan owes this fiduciary duty to the consumer regardless of who else the broker may be acting as an agent for in the course of the loan transaction.

(b)Except for a broker or a person who provides brokerage services, no licensed person or subsequent assignee shall have administrative, civil, or criminal liability for a violation of this section.

Notes of Decisions

Cited in 3 cases (2 in the last 5 years), 2008–2023 · leading case: Taylor v. Accredited Home Lenders, Inc., 580 F. Supp. 2d 1062 (S.D. Cal. 2008).

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Taylor v. Accredited Home Lenders, Inc., 580 F. Supp. 2d 1062 (S.D. Cal. 2008). “See Cal.Fin.Code § 4979.5. Therefore, Defendants’ argument that, as a matter of law, the brokers cannot act as their agents fails.”

Gray v. Ocwen Loan Servicing CA4/1 (Cal. Ct. App. 2021). · cites it 2× “1; and Financial Code Sections 4979.5, 4995(c) and (d) and 4995.”

De Los Santos v. Specialized Loan Servicing, LLC (N.D. Cal. 2023). “Code §4973(f)(1), Fin. Code §4979.5,” SAC 20 ¶ 62, but De Los Santos has not plausibly alleged violations of these laws or any other potentially 21 fraudulent acts with specificity.”

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