Archived What's New Postings: 2007

  • 12/27/07 — The California Corporations Commissioner adopted Sections 1436 and 1950.314.8 of Title 10 of the California Code of Regulations. The adopted Rules require Licensees operating under the California Finance Lenders Law and the California Residential Mortgage Lending Act to: (1) implement best practices, as defined, on a continuous basis including the Guidance; (2) report annually to the Department, in relation to the Guidance, on whether they have made or arranged nontraditional and adjustable rate mortgage products, whether they have implemented risk-management best practices, whether they have put into place internal controls or procedures, as specified, and to also report annually on the number of any consumer complaints; (3) maintain specified documentation as part of their books and records, and make the documentation available to the Commissioner upon request; (4) require clear disclosures for nontraditional and adjustable rate loans, as specified; and (5) prohibit certain false, misleading, and deceptive advertising. These Rules were filed with the Secretary of State on December 27, 2007, and is effective January 1, 2008.
  • 12/19/07 — Contact information for the four loan servicers who have agreed to streamline the loan modification process for subprime borrowers living in their home, making timely payments and likely to default when their loan jumps to a scheduled higher rate is now available on the Department's website. The list may be updated frequently, so be sure to check back often.
  • 12/13/07 — The California Corporations Commissioner has published the results of a survey of mortgage servicers in California that assesses the scope of subprime mortgage loan modifications undertaken during 2007 and to measure other trends in the industry. A table of the results and a narrative by the Commissioner explaining the survey results are now available. The survey was undertaken pursuant to Release 61-FS encouraging Licensees operating under the California Finance Lenders Law and the California Residential Mortgage Lending Act to provide workout arrangements with financially distressed borrowers, announcing the preparation of a future report of servicing activities to be submitted by Licensees to the Commissioner, and providing notice of the establishment of a working group to provide advice to the Commissioner in connection with nontraditional and other mortgage loans. (Commissioner's Release 61-FS)
  • 12/12/07 — ** INTERNET ALERT - auto-sell-expert.com** - The Department of Corporations has been notified that Expert Auto Sell (auto-sell-expert.com) is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9521467. This is not a valid License number. auto-sell-expert.com, which states its head office is at 1440 Skymark Ave, Toronto, ON, is not Licensed by the California Department of Corporations
  • 12/12/07 — ** INTERNET ALERT - world-expert-sell.com** - The Department of Corporations has been notified that World Expert Sell (world-expert-sell.com) is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9521467. This is not a valid License number. world-expert-sell.com, which states its head office is at 1440 Skymark Ave, Toronto, ON, is not Licensed by the California Department of Corporations
  • 12/11/07 — The California Corporations Commissioner is extending the time period for the public to comment on proposed regulations amending the licensing exemption for certain investment advisers. The written comments will be accepted until close of business on March 31, 2008.
  • 12/03/07 — The California Corporations Commissioner is extending the time period for the public to comment on proposed regulations impacting investment advisers, and will accept comments until close of business on February 1, 2008. The proposed regulations add or amend requirements in the areas of custody, conflicts of interest, ethics, business continuity plans, soft dollars, cash solicitation fees, disclosure brochures, advertising, minimum financial requirements, and recordkeeping. (PRO 27/03)
  • 11/30/07 — The next Escrow Law Advisory Committee meeting will be on Tuesday, December 11, 2007 at 10:00 a.m. The meeting will be held at the Department of Corporations' Los Angeles office located at 320 West Fourth Street, 8th floor conference room A. (Meeting and Agenda)
  • 11/30/2007 — The California Corporations Commissioner issued a Notice of recent California law changes designed to protect military members and their families from fraudulent and other deceptive practices in connection with certain loans and financial services provided by persons Licensed under laws administered by the Department of Corporations.
  • 11/21/2007 — On Tuesday, November 20, 2007, Governor Arnold Schwarzenegger and California Corporations Commissioner Preston DuFauchard announced an agreement between four major mortgage lenders/servicers and the state that will mitigate the recent increase in the rate of foreclosures. Attached are the principles of the agreement announced in Fresno with Countrywide, GMAC, Litton, and HomEq, collectively representing 25 percent of sub-prime loans in California.
  • 11/19/2007 — The California Corporations Commissioner issued Release 62-FS encouraging Licensees operating under the California Finance Lenders Law and the California Residential Mortgage Lending Act to implement the Guidance including "Best Practices" for certain nontraditional and adjustable rate mortgage loan products, and to help achieve a smooth transition pending adoption of the final rules.
  • 11/14/2007 — ** Notice to Potential Claimants of Asset Escrow Services ** The Commissioner of Corporations Appoints a Conservator for Asset Escrow Services-By an order dated October 15, 2007, the California Department of Corporations appointed Carol A. Stokes, Escrow Specialist in the Financial Services Division of the California Department of Corporations as Conservator of Asset Escrow Services, Inc. This action was taken when it was learned that the closing of the company was not being handled properly. 
  • 11/14/02007 - The California Corporations Commissioner adopted amendments to Sections 1409, 1422, and 1423 of Title 10 of the California Code of Regulations to comply with fingerprint requirements added by Senate Bill 970 (Chapter 470, Statutes of 2003) and Assembly Bill 502 (Chapter 425, Statutes of 2005). In addition, the rules conform with application requirements added by Assembly Bill 1419 (Chapter 196, Statutes of 2005). These amendments were filed with the Secretary of State on November 7, 2007 and are effective on December 7, 2007.
  • 11/06/2007 — The California Corporations Commissioner issued Release 18-G providing guidance for notifying the Department of pending class action settlements under the federal Class Action Fairness Act of 2005. (Release 18-G)
  • 11/02/2007 — The Department recognizes the devastation brought on by the California wildfires and would like to assist in the recovery process by providing guidance on communication that needs to exist at this critical time between our Licensees, their clients, and their critical business constituents.
  • 11/02/2007 — ** INTERNET ALERT -online-trade-service.com** - The Department of Corporations has been notified that Online Trade Service is offering escrow services over the internet at www.online-trade-service.com and is falsely advertising at its website that it holds California Department of Corporations License 9521467. This License number is not a valid License number for escrow companies Licensed by the Department of Corporations. online-trade-service.com, which states its head office is at 1440 Skymark Ave, Toronto, ON L4W 5A9, is not Licensed by the California Department of Corporations.
  • 10/27/2007 — On November 28, 2007, the Department of Corporations is presenting an Investment Adviser Education Seminar at the Elihu Harris State Building in Oakland, CA to provide information on regulatory requirements and proposed rule changes. This seminar is for investment advisers in the Alameda, Contra Costa, and San Francisco counties. Other advisers may request to be placed on a waiting list by sending an email to RAE@corp.ca.gov. Please visit our website periodically for future seminars in other areas. You may also contact our call center at 1-866-ASK-CORP (1-866-275-2677) for additional information.
  • 10/23/2007 — ** INTERNET ALERT - simpaexchange.com** - The Department of Corporations has been notified that Simple Auto Exchange is offering escrow services over the internet at www.simpaexchange.com and is falsely advertising at its website that it holds California Department of Corporations License 9521467. This License number is not a valid License number for escrow companies Licensed by the Department of Corporations. Simpaexchange.com, which states its head office is at 1110 Westchester Road, Toronto, ON L4W 5A9, is not Licensed by the California Department of Corporations.
  • 10/11/07 — The California Corporations Commissioner proposes to amend Section 310.111 of Title 10, Chapter 3 of the California Code of Regulations relating to compliance with the Federal Trade Commission's new disclosure format for franchises. The period within which to comment on this proposed regulatory action ends on December 10, 2007.
  • 10/9/2007 — The California Corporations Commissioner is proposing additional changes to rulemaking action amending Sections 1436 and 1950.314.8 of Title 10 of the California Code of Regulations, relating to nontraditional and adjustable rate mortgage products. Notice of the proposed rulemaking was originally published in the May 18, 2007 California Register (No. 2007, No. 20-Z).

    Because the proposed final text will differ from the text of the regulations previously made available for public comment, the Commissioner is making the final text available to the public for an additional comment period. The period within which to comment on these amendments ends on October 25, 2007.

    The revisions dated October 10, 2007 make nonsubstantive changes by modifying italicized or double underlining from text of language that was revised on August 16, 2007.
  • 10/9/2007— ** INTERNET ALERT - best-auto-web.com** - The Department of Corporations has been notified that best-auto-web.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. best-auto-web.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 09/27/07 — The 2006 Annual Report of Operations of Deferred Deposit Originators Licensed under the California Deferred Deposit Transaction Law has been completed. This report is based on unaudited data presented by Licensees and is primarily statistical in nature.
  • 09/21/07 — The California Corporations Commissioner proposes to amend Section 260.204.9 of Title 10 of the California Code of Regulations relating to an exemption from licensing for certain investment advisers with fewer than 15 clients and more than $25 million in assets under management. In response to the growth of hedge funds, the increase in fraud related to hedge fund activities, and the broadening market participants in hedge funds, amendments to Rule 260.204.9 are proposed to remove the exemption for advisers that are not advisers to venture capital companies, as defined in the rule. The period within which to comment on this proposed regulatory action ends on November 26, 2007.
  • 09/19/07 — ** INTERNET ALERT - vdroyal.com** - The Department of Corporations has been notified that Vehicle Deal Royal (vdroyal.com) is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9941277. This is not a valid License number. vdroyal.com, which states its head office is at 1940 Skymark Ave, Toronto, ON, is not Licensed by the California Department of Corporations.
  • 09/19/07 — ** INTERNET ALERT- ExImps-LTD.net** - The Department of Corporations has been notified that ExImps-LTD.net is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License number 963-2060 located at 14241 Firestone Boulevard, Suite 120, La Mirada, CA 90638. ExImps-LTD.net is not Licensed by the California Department of Corporations as an escrow agent and does not hold California Department of Corporations License number 963-2060.
  • 09/17/07 — The California Corporations Commissioner proposes to amend Sections 260.218.5, 260.241, 260.241.1, and 260.241.2 of Title 10 of the California Code of Regulations. Sections 260.218.5 and 260.241, setting forth requirements for Licensed broker-dealers with respect to the making and maintaining of books and records. Section 260.241.1 also sets forth requirements for Licensed broker-dealers regarding the preservation of records. The amendments to Section 260.241.2 eliminate the mandatory filing of an annual financial report for broker-dealers, and makes various clarifying changes to the annual and interim reporting requirements for both broker-dealers and investment advisers. The period within which to comment on this proposed regulatory action ends on November 19, 2007.
  • 09/14/07 — The Department of Corporations has requested that the California District Attorneys Association notify all county prosecutors that the California Deferred Deposit Transaction Law does not allow criminal action to be taken against consumers for writing bad checks in pay day loan transactions. Additionally, local prosecutors are asked to refer any complaints they receive about such checks to the Department.
  • 09/10/07 — ** INTERNET ALERT - vtexperts.com** - The Department of Corporations has been notified that Vehicle Trade Experts (vtexperts,com) is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9521467. This is not a valid License number. vtexperts.com, which states its head office is at 1440 Skymark Ave, Toronto, ON, is not Licensed by the California Department of Corporations.
  • 09/07/07 — The next Escrow Law Advisory Committee meeting will be on Tuesday, September 18, 2007 at 10:00 a.m. The meeting will be held at the Department of Corporations' Los Angeles office located at 320 West Fourth Street, 8th floor conference room A. (Meeting and Agenda)
  • 09/05/07 — The California Corporations Commissioner issued Release 61-FS encouraging Licensees operating under the California Finance Lenders Law and the California Residential Mortgage Lending Act to provide workout arrangements with financially distressed borrowers, announcing the preparation of a future report of servicing activities to be submitted by Licensees to the Commissioner, and providing notice of the establishment of a working group to provide advice to the Commissioner in connection with nontraditional and other mortgage loans. (Commissioner's Release 61-FS)
  • 08/23/07 — SEC Files Action to Halt $25 Million Fraudulent Scheme Preying Upon Retirement Savings of Senior Citizens. Continuing its crackdown on financial fraud against senior citizens, the Securities and Exchange Commission today filed an emergency action to shut down a $25 million Ponzi scheme that victimized hundreds of senior and other investors nationwide who bought fractional ownership interests in life insurance policies.
  • 08/23/07 — Additional resources are now available regarding the Governor's declaration of a state of emergency in Kern, Colusa, and San Joaquin counties of California, to prevent the spread of West Nile Virus.
  • 08/21/07 — The California Corporations Commissioner proposes to amend Sections 260.231, 260.235, 260.237, 260.237.2, 260.238, and 260.241.3; repeal Section 260.237.1; and adopt Sections 260.235.5, 260.238.1, 260.238.2, 260.238.3 and 260.238.4 of Title 10 of the California Code of Regulations relating to the regulation of investment advisers, to adopt or conform to the North American Securities Administrators Association model rules and increase consistency, when applicable, with recently modified or adopted, Securities and Exchange Commission rules and interpretations. The period within which to comment on this proposed regulatory action ends on October 30, 2007.
  • 08/16/07 — The California Corporations Commissioner is amending the proposed changes to Title 10 of the California Code of Regulations, Sections 1436 and 1950.314.8 under the California Finance Lenders Law and the California Residential Mortgage Lending Act, originally published in the May 18, 2007 California Register (No. 2007, No. 20-Z). Because the final text of Section 1436 and 1950.314.8 differs from the text of the regulations dated May 4, 2007, a copy of the final text is being made available to the public. The period within which to comment on these amendments ends on September 5, 2007.
  • 08/15/07 — The California Corporations Commissioner made changes to the proposed text dated April 5, 2007, amending Sections 1409, 1422 and 1423 of the Commissioner's rules under the California Finance Lenders Law, which was published in the California Regulatory Notice Register 2007, No. 17-Z. Because the final text of Section 1422 and 1423 differ from the text of the regulations dated April 5, 2007, a copy of the final text is being made available to the public. The period within which to comment on these amendments ends on August 31, 2007.
  • 08/13/07 — Brookstreet Securities Corporation was ordered to suspend any activities to solicit or facilitate new business for the brokerage firm. ( Press Release 07-04 [pdf])
  • 08/10/07 — ** INTERNET ALERT — us-best-car-site.com** — The Department of Corporations has been notified that us-best-car-site.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. us-best-car-site.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 08/09/07 — The California Corporations Commissioner issues Order to confirm an exemption from securities qualification for securities listed on the NASDAQ Global Market. (Release 87-C(Revised) & (Release 88-C(Revised))
  • 08/07/07 — Governor declares a state of emergency in Kern, Colusa, and San Joaquin counties of California, to prevent the spread of West Nile Virus. Notice for Lenders Licensed under the California Finance Lenders Law and the California Residential Mortgage Lending Act.
  • 08/07/07 — California Department of Corporations joined last week with bank regulators in nine other states in taking action against Apex Financial Group, which does business in California under the name Aapex Discount Mortgage (Apex) (Press Release 07-03
  • 08/06/07 — The California Corporations Commissioner issued Release No. 58-FS to provide information to Licensees under the California Residential Mortgage Lending Act regarding evidence in loan files acceptable to the Commissioner, to document compliance with Financial Code Section 50204(o) and Civil Code Section 2948.5. (Commissioner's Release 58-FS)
  • 08/02/07 — ** INTERNET ALERT — ad-royal.com** — The Department of Corporations has been notified that Auto Deals Royal is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. ad-royal.com, which states its head office is at 2430 Skymark Ave, Toronto, ON L4W 5A9, Canada, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 07/25/07 — ** INTERNET ALERT — autotradevehicle.com** — The Department of Corporations has been notified that autotradevehicle.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. autotradevehicle.com , which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 07/23/07 — ** INTERNET ALERT — Aplusplusdeals.com** — The Department of Corporations has been notified that aplusplusdeals.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. aplusplusdeals.com, which states its head office is at 1830 Skymark Ave, Toronto, ON L4W 5A9, Canada, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 07/17/07 — The 2006 Annual Report of Operations of Finance Companies Licensed under the California Finance Lenders Law has been completed. This report is based on unaudited data presented by Licensees and is primarily statistical in nature.
  • California Corporations Commissioner Preston DuFauchard has determined that Margaret Diego (dba The Cash Center Inc., The Loan Center Inc. and TLC) willfully violated the California Deferred Deposit Transaction Law (CDDTL).
  • 07/09/07 — The California Corporations Commissioner adopted amendments to Sections 260.140.8, 260.140.41, 260.140.42, 260.140.45, and 260.140.46 of Title 10 of the California Code of Regulations under the Corporate Securities Law of 1968, relating to securities qualification standards for compensatory benefit plans. These amendments were filed with the Secretary of State on July 9, 2007 and are immediately effective.
  • 06/29/07 — The Commissioner issued Release No. 17-F to set forth the procedures for filing the application for registration using the new Uniform Franchise Disclosure Document under the Franchise Investment Law on and after July 1, 2007. (Commissioner's Release 17-F)
  • 06/07/07 — ** INTERNET ALERT — Best-car-online.com** — The Department of Corporations has been notified that best-car-online.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. best-car-online.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 06/04/07 — ** INTERNET ALERT — midwaytrader.com** — The Department of Corporations has been notified that midwaytrader.com is offering escrow services over the internet and is falsely advertising at its website it is fully Licensed and accredited as an escrow company under the name Internet Escrow Services (IES). MidWayTrader is not Licensed by the California Department of Corporations. IES does hold an escrow License; however, it is not associated with MidWayTrader. com. On its website, Midwaytrader.com states its US office is at 341 Notovna Street, Zagreb 56434.
  • 06/04/07 — ** Alert — Scam** — A new scam targets spouses of military servicemembers currently on duty in Iraq. A caller will claim to be a representative of the American Red Cross and says that the spouse's husband/wife was injured in Iraq and transferred to a hospital in Germany. The caller states that they need to verify the husband's/wife's social security number and date of birth before doctors can start treatment.
  • 06/01/07 — The next Escrow Law Advisory Committee meeting will be on Tuesday, June 12, 2007 at 10:00 a.m. The meeting will be held at the Department of Corporations' Los Angeles office located at 320 West Fourth Street, 7th floor conference room
  • 06/01/07 — ** INTERNET ALERT — online-vehicle-trade.com** - The Department of Corporations has been notified that online-vehicle-trade.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. online-vehicle-trade.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 06/01/07 — ** INTERNET ALERT — world-car-sell.com** — The Department of Corporations has been notified that world-car-sell.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. world-car-sell.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 05/18/07 — California Corporations Commissioner Preston DuFauchard has determined that GVG Financial Services, Inc., dba Cash N More, has willfully violated the California Deferred Deposit Transaction Law. GVG has been ordered to desist and refrain from violating the law, ordered to pay penalties and the loans in question have been declared void. GVG is a payday lender operating eight stores in Orange and Los Angeles Counties. (Press Release 07-01]
  • 5/16/07 — ** INTERNET ALERT — us-vehicle-trade.com** - The Department of Corporations has been notified that us-vehicle-trade.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. us-vehicle-trade.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 05/09/07 — ** INTERNET ALERT — generaltradecenter.com** — The Department of Corporations has been notified that generaltradecenter.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. generaltradecenter.com , which states its head office is at 509 Elgin St., Houston, TX, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 05/09/07 — ** INTERNET ALERT — adexpertsinc.com** - The Department of Corporations has been notified that adexpertsinc.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. Adexpertsinc.com , which states its head office is at 2130 Skymark Ave, Toronto, ON, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 05/09/07 — The California Corporations Commissioner proposes to adopt Sections 1436 and 1950.314.8 of Title 10 of the California Code of Regulations, under the California Finance Lenders Law and the California Residential Mortgage Lending Act. The proposed regulations require Licensees under these laws to implement appropriate and best risk-management practices, to report whether and how they are complying with these best practices, maintain specified documentation as part of books and records, require certain disclosures, and prohibit certain false advertising, as specified. The period within which to comment on this proposed regulatory action ends on July 2, 2007.
  • 05/07/07 — ** INTERNET ALERT — US Car Trade ** — The Department of Corporations has been notified that us-car-trade.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. us-car-trade.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 04/20/07 — ** INTERNET ALERT — usavehicletrade.com** — The Department of Corporations has been notified that usavehicletrade.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. usavehicletrade.com, which states its head office is at 203 Varick Street, 11th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 04/19/07 — The California Corporations Commissioner made substantial changes to the original proposed text amending Sections 1422 and 1423 of the Commissioner's rules under the California Finance Lenders Law (CFLL), which was published in the California Regulatory Notice Register 2006, No. 39-Z. The Commissioner is RE-NOTICING the revised proposed text for an additional 45-day public comment period. The revised notice proposes to amend Sections 1409, 1422 and 1423 of the rules under the CFLL. The end of the public comment period is June 11, 2007.
  • 04/17/07 — The California Corporations Commissioner is requesting that a qualified research group conduct a study of the payday loan industry and payday loan customers in California.
  • 04/16/07 — Nontraditional Mortgage and Loan Information — Looking for information about non-traditional mortgage and loan products? Learn more about how these products work in order to decide if they may be right for you.
  • 04/09/07 — The California Corporations Commissioner has adopted changes to Sections 260.230, 260.231, 260.236.1, 260.241.4 and 260.242 of Title 10 of the California Code of Regulations relating to investment advisers and investment adviser representatives. The adopted rules clarify that all applications, reports, and other documents must be filed electronically through the Investment Adviser Registration Depository in California and removes references to other filing methods, as required by AB 3070 (Chapter 461, Statutes of 2004). The rules were filed with the Secretary of State on March 6, 2007 and became effective on April 5, 2007.
  • 04/05/07 — ** INTERNET ALERT — allautotrade.com** — The Department of Corporations has been notified that allautotrade.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. allautotrade.com, which states its head office is at 209 Varick Street, 9th Floor, New York, NY 10014, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 03/19/07 — In order to be able to develop appropriate guidance for its Licensees and its examination staff, the Department of Corporations has decided to conduct a survey to obtain information regarding the extent and nature of the non-traditional mortgage loan products being offered by its Licensees. To accomplish this, the Department sent a letter to Licensed lenders on March 19, 2007 directing them to the survey on the Department's website.
  • 03/19/07 — The California Corporations Commissioner is proposing additional changes to the rulemaking action amending Sections 260.140.8, 260.140.41, 260.140.42, 260.140.45, and 260.140.46 of Title 10 of the California Code of Regulations, relating to compensatory benefit plans. Notice of the proposed rulemaking was originally published in the November 3, 2006 California Register (No. 2006, No. 44-Z).
  • Because the proposed final text will differ from the text of the regulations previously made available for public comment, the Commissioner is making the final text available to the public for an additional comment period. The period within which to comment on these amendments ends on April 2, 2007.
  • 03/15/2007 — ** INTERNET ALERT — fastautotrades.com** — The Department of Corporations has been notified that fastautotrades.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License 9631867. This License number belongs to Internet Escrow Services, Inc., which does hold a License from this Department. fastautotrades.com, which states its head office is at 5947 NW 18th Street, Miami, Florida, is not Licensed by the California Department of Corporations and is not associated with Internet Escrow Services, Inc.
  • 03/15/07 — The California Department of Corporations is gathering this information as part of its examination process to help determine compliance with the Financial Privacy Act, pursuant to its authority under Financial Code Sections 4057 and 4058. To accomplish this, the Department sent an email on March 5 and 6, 2007 to those broker dealers and investment advisers for whom it had email information.
  • 03/06/07 — ** INTERNET ALERT- GENERALCARTRADER.ORG** — The Department of Corporations has been notified that Generalcartrader.org is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License number 9631867 and lists three offices: 203 Varick Street, 11th Floor, New York, NY; 83 McGowen Street, Houston, TX and 319 Matheson Blvd., Toronto, ON, Canada. General Car Trader is not Licensed by the California Department of Corporations as an escrow agent and does not hold a California Department of Corporations License.
  • 03/02/07 — The next Escrow Law Advisory Committee meeting will be on Tuesday, March 13, 2007 at 10:00 a.m. The meeting will be held at the Department of Corporations' Los Angeles office located at 320 West Fourth Street, 8th Floor, Conference Room A.
  • 03/02/07 — The California Department of Corporations today made available a list of tips designed to make the annual franchise renewal application process easier and more efficient.
  • 02/27/07 — ** INTERNET ALERT — fast-helpnet.net ** — The Department of Corporations has been notified that fast-helpnet.net is offering escrow services over the internet and is falsely advertising at its website that it holds a California Department of Corporations License 9632060 issued to Escrow Link, Inc. and is located at 14241 Firestone Boulevard, Suite 120, La Mirada, CA. fast-helpnet.net is not Licensed by the California Department of Corporations. Escrow Link, Inc. is Licensed by the Department of Corporations at 16700 Valley View Ave, Suite 162, La Mirada, CA. Escrow Link, Inc., is not associated with fast-helpnet.net.
  • 2/27/07 — ** INTERNET ALERT — trust-ltd.us ** — The Department of Corporations has been notified that trust-ltd.us is offering escrow services over the internet and is falsely advertising at its website that it holds a California Department of Corporations License 9632060 issued to Escrow Link, Inc. and is located at 14241 Firestone Boulevard, Suite 120, La Mirada, CA. trust-ltd.us is not Licensed by the California Department of Corporations. Escrow Link, Inc. is Licensed by the Department of Corporations at 16700 Valley View Ave, Suite 162, La Mirada, CA. Escrow Link, Inc., is not associated with trust-ltd.us.
  • 02/22/07 — The California Corporations Commissioner is proposing additional changes to Sections 260.140.8, 260.140.41, 260.140.42, 260.140.45, and 260.140.46 of Title 10 of the California Code of Regulations, relating to compensatory benefit plans. Notice of the proposed rulemaking was originally published in the November 3, 2006 California Register (No. 2006, No. 44-Z). The period within which to comment on these amendments ends on March 9, 2007.
  • 02/20/07 — ** INTERNET ALERT- GENERALAUTODEALS.COM** — The Department of Corporations has been notified that Generalautodeals.com is offering escrow services over the internet and is falsely advertising at its website that it holds California Department of Corporations License number 9631867 and lists three offices: 203 Varick Street, 11th Floor, New York, NY; 83 McGowen Street, Houston, TX and 319 Matheson Blvd., Toronto, ON, Canada. General Auto Deals is not Licensed by the California Department of Corporations as an escrow agent and does not hold a California Department of Corporations License.
  • 02/13/07 — Deferred Deposit Originator Bulletin, February 2007, Issue No 3
  • 02/06/07 — On February 5, 2007, the Commissioner issued Release No. 109-C (Revised) regarding Notice Filings under the National Securities Markets Improvement Act of 1996 and conforming amendments to the Corporate Securities Law of 1968. (Commissioner's Release 109-C (revised))
  • 02/06/07 — On March 7, 2007 the Department of Corporations will present an Investment Adviser Education Seminar to provide training on regulatory requirements. This seminar is specifically for investment advisers in the Los Angeles County area. Please visit our website periodically for future seminars in an area near you. You may also contact our call center at 1-866-ASK-CORP (1-866-275-2677) for additional information.
  • 02/05/07 — Military Financial Protection Task Force issues report.
  • 02/05/07 — The Department's Los Angeles Office is closed today due to a building fire in the vicinity of 4th and Broadway.
  • 01/25/07 — ** INTERNET ALERT — TruLed.COM** — Truled.com is operating a website stating they hold a California Department of Corporations escrow License; however, the file number given is 963 2060, which belongs to Escrow Link, Inc. The site also includes the following statement: "The California Department of Corporations conducts the most stringent examination of all government agencies." TruLed.com is not Licensed by the Department of Corporations.
  • 01/23/07 ** INTERNET ALERT — CARSELLSITE.COM** — Car Sell Site (www.carsellsite.com) is operating a website stating they hold a Department of Corporations escrow License number 1053-2441. They provide a link to the Department's website. The site also includes the following statement: "The California Department of Corporations conducts the most stringent examination of all government agencies." It also states, "Car Sell Site is also Licensed as a business in all 50 states." Car Sell Site is not Licensed by the Department of Corporations.
  • 01/23/07 — Instructions and Filing Form for the 2006 Annual Report for Licensees Engaged in Business under the California Residential Mortgage Lending Act. The report is due on or before March 1, 2007.
  • 01/22/07 — The Commissioner of Corporations issued Escrow Bulletin number 31. The bulletin includes articles of interest including kickback issues, guidelines for CPA audited reports, information about the Department's escrow regulatory examination cycle and how escrow companies handle checks issued to creditors. The bulletin also includes a listing of the current escrow advisory committee members and the enforcement actions taken by the commissioner during 2006.
  • 01/19/07 — Survey for Deferred Deposit Originators Licensed under the California Deferred Deposit Transaction Law. On December 1, 2007, the California Corporations Commissioner (Commissioner) is required to report to the Governor and the Legislature on the implementation of the California Deferred Deposit Transaction Law (CDDTL). The Commissioner has determined that information regarding the customers' usage of the loan product is necessary in order to prepare a complete report with appropriate recommendations for legislative action. Specifically, the Commissioner is requesting all Licensees to complete a Survey to determine if the customers are using the loans to meet short-term emergency cash needs or as a source of long-term borrowing. The survey will also provide information relating to the frequency and usage of payment plans and the volume of deferred deposit transactions conducted over the Internet.
  • 01/04/07 — Annual Report for Licensees Engaged in Business under the California Deferred Deposit Transaction Law, including instructions. The report is due on or before March 15, 2007.
  • 01/04/07 — Instructions and Filing Form for 2006 Annual Report for Lenders and Brokers Licensed under the California Finance Lenders Law. The report is due on or before March 15, 2007. The information reported is used to publish the Department's Annual Report — Operation of Finance Companies.