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Bank loses California licenses

Friday, May 2, 2003 | 11:10 a.m.

LOS ANGELES -- Wells Fargo & Co., California's largest mortgage lender, had its state mortgage lending licenses revoked by state regulators.

But the decision Thursday by the California Department of Corporations won't affect the San Francisco-based company's ability to make and service home loans under authority given by federal regulators, bank spokeswoman Janis Smith said.

Wells Fargo's dispute with California centers on a law that says lenders can't charge interest until the day before a mortgage is recorded officially with the state. The firm says the law is impossible to follow.

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