What's New Postings: 2008

  • 12/09/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey - October 2008
  • 11/26/2008 - The next Escrow Law Advisory Committee meeting will be on Tuesday December 9, 2008 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.
  • 11/06/08 -To enhance awareness, California’s Troops Against Predatory Scams (TAP$) program created an on-demand webcast to educate California's servicemembers and their families, about the latest financial scams, importance of staying debt-free, and safe alternatives for borrowing.   Webcast will be available on Veterans Day, November 11, 2008. It will be available on MSN's MoneyTrack Website.
  • 10/31/08 - SEC, NASAA Announce IARD System Fee Waiver. On October 30, 2008, the Securities and Exchange Commission and the North American Securities Administrators Association announced they will waive the initial set-up and annual system fees paid by investment adviser firms to maintain the Investment Adviser Registration Depository system.  Separately, NASAA announced that for next year it will also waive those system fees paid by investment adviser representatives .
  • 10/27/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey - Third Quarter 2008
  • 10/23/08 - The California Corporations Commissioner issued Release 119-C to provide some clarity regarding licensure requirements for directors and officers of issuers who do not receive commissions for effecting securities transactions.  A recent California Court of Appeal opinion, People v. Cole (2007) 156 Cal.App.4th 452, prompted the need for such clarification.
  • 10/20/08 - The California Corporations Commissioner reminds lenders of their responsibility under SB 1137 (Perata-2008) to contact borrowers prior to initiating foreclosure proceedings, in order to explore options to avoid foreclosure.
  • 10/01/08 - The California Corporations Commissioner proposes to amend Sections 260.101.2, 260.103.4, 260.105.7, 260.105.17, 260.105.33, 260.105.34, 260.217, 260.230, 260.241.4, and 260.242; and to repeal Sections 260.105.37 and 260.204.11 of Title 10 of the California Code of Regulations, to conform with changes in the names and function of certain national security exchanges, stock exchanges, markets and related entities.  The period within which to comment on this proposed regulatory action ends on November 24, 2008. 
  • 09/19/08 ** INTERNET ALERT – Dyer Beech, Dyer Beech Enterprises, Inc. and Eric A. Rice** - An Internet Alert was issued on 06/03/08 that stated "The Department of Corporations has been notified that Dyer Beech (www.dyerbeech.com), Dyer Beech Enterprises, Inc. and Eric A. Rice are claiming to be affiliated with the California Department of Corporations. Dyer Beech, Dyer Beech Enterprises, Inc. and Eric A. Rice are falsely advertising at its website that it is affiliated with the California Department of Corporations and are using the Department of Corporations logo without its authorization. Dyer Beech, Dyer Beech Enterprises, Inc. and Eric A. Rice state their office is at 3914 Murphy Canyon Rd., A110, San Diego, CA 92123, claim to have a phone number of (800) 526-3416 and may also be located at 5402 Balboa Arms Drive, San Diego, CA 92117. Dyer Beech, Dyer Beech Enterprises, Inc. and Eric A. Rice are not affiliated with the California Department of Corporations."

    After the Department of Corporations demanded that Dyer Beech, Dyer Beech Enterprises, Inc. and Eric A. Rice remove all references to the Department of Corporations on their website, the website no longer contains a representation that they are affiliated with the Department of Corporations and no longer displays the Department's logo.
  • 09/10/2008- The next Escrow Law Advisory Committee meeting will be on Tuesday September 23, 2008 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.
  • 09/09/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey - July 2008.
  • 08/25/2008 - **INTERNET ALERT – Escrow-California.com** - The Department of Corporations has been notified that Escrow-California.com is offering escrow services over the internet and is falsely advertising that it is California Escrow Service, a valid escrow company that holds Department of Corporations License number 963-0188.  Escrow-California.com is not a website of California Escrow Service.  Escrow-California.com, which lists its office at 618 South Serrano Avenue, 2nd Floor, Los Angeles, California, is not Licensed to conduct escrows by the California Department of Corporations.
  • 08/25/08 - **INTERNET ALERT – Expert Auto Deals** - The Department of Corporations has been notified that Expert Auto Deals (expert-auto-deals.com) is offering escrow services over the internet without a valid escrow License. Expert Auto Deals, which lists offices at 904 Market Street, San Francisco, California and 1207 Stanley Road, Houston, Texas, is not Licensed to conduct escrows by the California Department of Corporations.
  • 08/04/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey - June 2008.
  • 07/30/08 - **INTERNET ALERT Vehicle Trade Deals ** - The Department of Corporations has been notified that Vehicle Trade Deals (vtr-deals.com) is offering escrow services over the internet and is falsely advertising that it holds Department of Corporations License 9181123, which is not a valid License number.  Vehicle Trade Deals, which lists offices at 58 Fleet Street, Toronto, Ontario, Canada and 145 Imlay Street, Brooklyn, New York, is not Licensed to conduct escrows by the California Department of Corporations.
  • 07/29/08 - **INTERNET ALERT – Quick Vehicle Trade** - The Department of Corporations has been notified that Quick Vehicle Trade (quick-vehicle-trade.com) is offering escrow services over the internet and is falsely advertising that it holds Department of Corporations License 9101573, which is not a valid License number.  Quick Vehicle Trade, which lists offices at 904 Market Street, San Francisco, California and 1207 Stanley Road, Houston, Texas, is not Licensed to conduct escrows by the California Department of Corporations.
  • 07/29/08 - SB 1137 (Perata - Chap. 69, Stats. 2008), signed by the Governor on July 8, 2008, requires persons foreclosing on real property to provide the residents of the property with notice that the property is subject to foreclosure sale.  (Civil Code section 2924.8.)  The notice must be provided in English, Korean, Vietnamese, Chinese, Tagalog, and Spanish.  Pursuant to Civil Code section 2924.8(c), the following document contains translations of the notice in the languages required by that section:
  • 07/23/08 - ** Internet Alert – www.kcwfinancial.com** - The Department of Corporations has been notified that unknown individuals and entities are attempting to misappropriate the name of K. C. Ward Financial, a Licensed broker-dealer. The web site www.kcwfinancial.com is falsely claiming to be the web site of K.C. Ward Financial, a Licensed broker-dealer. The legitimate web site for K.C. Ward Financial is www.kcward.com.
  • 07/10/08 -** Consumer Alert - Smith Kearney M&A ** - The Department has received reports that residents of other countries are receiving contacts from persons offering to purchase securities under the name Smith Kearney M&A.  Callers are told that Smith Kearney M&A is a firm located in San Diego, California.  The Department has no record of such a company applying for or obtaining a License to engage in business as a broker-dealer.  Persons contacted by the firm are advised to exercise caution and to contact their national financial/securities regulatory agency for more information.
  • 07/3/08 - The 2007 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.
  • 07/01/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey - January thru May, 2008.
  • 06/20/08 - The California Corporations Commissioner is proposing additional changes to the rulemaking action amending Sections 260.231, 260.235, 260.237, 260.237.2, 260.238, and 260.241.3; repealing Section 260.327.1; and adopting 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, originally published in the August 31, 2007 California Register (No. 2007, No. 35-Z).  This rulemaking action relates to the regulation of investment advisers, and makes or amends rules regarding custody, advertising, brochures, ethics, business continuity, and records.  The period within which to comment on these amendments ends on July 8, 2008. 
  • 06/12/08 - ** Consumer Alert - Ditech Financial ** The Department has received information indicating that a Licensed California mortgage lending firm called ditech is the victim of identity fraud.  The Licensed company is located at 3200 Park Center Drive, Suite 150 in Costa Mesa.  The fraudulent enterprise claims to be called Ditech Financial and to be located at 3300 Park Center Drive, Suite 150, in Costa Mesa, an address which does not exist.  The latter Ditech Financial claims to offer consumer/commercial loans that will fund upon payment of purported “insurance.”  Victims are instructed to wire the funds to the company and are told that their loans will fund immediately thereafter.  Victims who make the payments receive no loan proceeds but may be told that they need to make another payment to obtain them. 

    Members of the public are advised to confirm the License of any lending enterprise they deal with and to be particularly cautious of any business that seeks payment in advance for obtaining loan funding. 
  • 05/22/08 - The next Escrow Law Advisory Committee meeting will be on Thursday, June 5, 2008 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.
  • 05/20/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey - First Quarter - 2008.
  • 05/01/08 - The California Corporations Commissioner has decided not to proceed with the proposed rulemaking action amending the licensing exemption for certain investment advisers with fewer than 15 clients and $25 million or more in assets under management, who do not hold themselves out to the public as investment advisers (Section 260.204.9 of Title 10 of the California Code of Regulations.) 
  • 04/29/08 - The California Corporations Commissioner adopted amendments to Section 310.111 of Title 10 of the California Code of Regulations, to conform the Franchise Investment Law rule to the Federal Trade Commission’s new disclosure format for franchises.  These amendments were filed with the Secretary of State on April 28, 2008, and are effective upon filing with the Secretary of State. 
  • 04/29/08- ** INTERNET ALERT – iNetDataEntry and Wannex, LLC. ** - The Department of Corporations has been notified that iNetDataEntry (www.inetdataentry.com) is claiming to be a division of Wannex, LLC and a work at home data entry referral service. iNetDataEntry is falsely advertising at its website that it is registered with the California Department of Corporations under Wannex, LLC.  iNetDataEntry which states its office is at 19713 Yorba Linda Blvd., #182, Yorba Linda, Ca 92886 is not registered with the California Department of Corporations.
  • 04/22/08 - ** INTERNET ALERT – Swiss Escrow-Service Co. ** - The Department of Corporations has been notified that Swiss Escrow-Service Co., Swiss Escrow-Service and Swiss Escrow-Service LLC (swisses.net) are offering escrow services over the internet and are falsely advertising at its website that it is a Licensed escrow company.  Swiss Escrow-Service Co., Swiss Escrow-Service and Swiss Escrow-Service LLC which states its offices are in Switzerland and California are not Licensed by the California Department of Corporations.
  • 04/16/08 - ** INTERNET ALERT - C.L.C. BancGroup, Inc. and C.L.C. Bank ** - The Department of Corporations has been notified that C.L.C. BancGroup, Inc. and C.L.C. Bank (www.citiloanz.com) are offering loan services over the internet and are falsely advertising at its website that it holds California Department of Corporations License 4130426. This License numberĀ belongs to Home Loan Center, Inc., dba Lendingtree Loans, Getsmart, Getsmart Loans, which does hold a License from this Department. C.L.C. BancGroup, Inc. and C.L.C. Bank which state its head office is at 6284 Millpond Lane, Union, ON N0L 2L0, Canada are not Licensed by the California Department of Corporations and are not associated with Home Loan Center, Inc., dba Lendingtree Loans, Getsmart, Getsmart Loans.
  • 3/25/08 - On April 23, 2008, the Department of Corporations is presenting an Investment Adviser Educatio Seminar at the Town and Country Resort & Convention Center in San Diego, CA to provide information on regulatory requirements and proposed rule changes.

    This seminar is for Investment Advisers in the San Diego and Imperial 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.
  • 03/24/08 - The California Corporations Commissioner adopted amendments to Sections 260.241 and 260.241.2, and repealed Sections 260.218.5 and 260.241.1 of Title 10 of the California Code of Regulations.  The amendments revise the record keeping and reporting requirements for broker-dealers and investment advisers.  These amendments were filed with the Secretary of State on March 6, 2008 and become effective on April 6, 2008.  (PRO 28/01)
  • 03/10/08 - Pursuant to Financial Code Section 23057, the Commissioner of Corporations released the Department of Corporations Report to The Governor And The Legislature on The California Deferred Deposit Transaction Law.   To supplement its report, the Department is providing another report with additional information prepared by its consultant and Errata. Should you have additional questions please contact the Department's Media Relations Division at (916) 322-7180.
  • 03/07/08 - ** INTERNET ALERT - Trans-Safety ** - The Department of Corporations has been notified that Trans- Safety(transafety.c0n.us) is offering escrow services over the internet and is falsely advertising at its website that it is associated with Internet Escrow Services. Trans Safety, which states its offices are in Spain, is not Licensed by the California Department of Corporations.
  • 03/05/08 - ** INTERNET ALERT - Best Auto Trades ** - The Department of Corporations has been notified that Best Auto Trades (bestatrades.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. Best Auto Trades, which states its head office is at 263 Bush Street, San Francisco, CA 94104, is not Licensed by the California Department of Corporations.
  • 3/04/08- ** INTERNET ALERT - US Deal Insurance ** - The Department of Corporations has been notified that US Deal Insurance (us-deal-insurance.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. US Deal Insurance, which states its head office is at 263 Bush Street, San Francisco, CA 94104, is not Licensed by the California Department of Corporations.
  • 03/03/08 - The Department of Corporations has collected data from various mortgage loan servicers relating to loan modifications, forbearance plans, and foreclosures. The Commissioner has released results from the Department's survey. Updated data for the calendar year 2007, and January 2008 data are now available.
  • 02/11/08 - New Reporting Requirements for California Finance Lender Law (CFLL) Licensees.  With the adoption of Section 1436(b)(CCR) and 22159 (FC) on January 1, 2008, all CFLL Licensees are required to file an Addendum to the 2007 Annual Report for Lenders and Brokers Licensed under the California Finance Lenders Law.  The suggested format for reporting the required information is contained on the CFLL Report on Nontraditional, Adjustable and Mortgage Loan Products.  In addition, if any non-traditional or adjustable rate mortgages were made or arranged, the Non-traditional, Adjustable Rate and Mortgage Loan Survey  must be completed.  The report and survey are due on or before March 15, 2008.  The report must be filed by every Licensee even if no business was conducted under the authority of the License in 2007.
  • 02/06/08 - Instructions and Filing Form for the 2007 Annual Report for Licensees Engaged in Business under the California Residential Mortgage Lending Act, information on non-traditional mortgage products and adjustable rate mortgage products and the Report on Non-traditional, Adjustable Rate and Mortgage Loan Products are due on or before March 1, 2008. These reports must be filed by every Licensee even if no business was conducted under the authority of the License in 2007.
  • 02/01/08 - The Commissioner issued Release No. 18-F to clarify whether certain business services may cause a person to be deemed a subfranchisor, thereby requiring registration with the Department of Corporations.
  • 01/22/2008 - ** Notice to Potential Claimants of Western Escrow Services ** - Attorney David J. Pasternak is appointed as Limited Receiver for Western Escrow Services. By court order Attorney David J. Pasternak was appointed as Limited Receiver for Western Escrow Services.  This action was taken after the owner of the company agreed to comply with the Commissioner’s order taking possession of the trust funds and escrow records of Western Escrow Services.  This action was necessary in order to ensure that funds to be paid by Escrow Agent’s Fidelity Corporation are disbursed appropriately. 
  • 1/7/2008 - ** INTERNET ALERT - vehicle-trade-online.com** - The Department of Corporations has been notified that Online Vehicle Trade (vehicle-trade-online.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. Online Vehicle Trade, which states its head office is at 1440 Skymark Ave, Toronto, ON, is not icensed by the California Department of Corporations.