What's New Postings: 2009

  • 11/24/09 - The Department has prepared information and guidelines that will be mailed to all CRMLA and CFLL Licensees regarding the Nationwide Mortgage Licensing System, (NMLS), the Transition Plans for current Licensees onto NMLS and the licensing requirements for Mortgage Loan Originators
  • 11/23/09 - The next Escrow Law Advisory Committee meeting will be on Tuesday December 8, 2009 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.
  • 11/17/09 - The California Corporations Commissioner will file with the Office of Administrative Law the readoption of emergency regulations implementing the California Foreclosure Prevention Act on November 24, 2009. 
  • 11/17/09 - The California Corporations Commissioner adopted amendments to Sections 260.101.2, 260.103.4, 260.105.7, 260.105.17, 260.105.33, 260.105.34, 260.211.1, 260.217, 260.230, 260.241.4, and 260.242; and repealed Sections 260.105.37 and 260.204.11 of Title 10 of the California Code of Regulations, to conform the language of the regulations with recent changes in the names and functions of certain national security exchanges, stock exchanges, markets, and related entities.  These amendments were filed with the Secretary of State on November 10, 2009 and become effective on December 10, 2009. 
  • 11/16/09 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 through August 2009
  • 10/21/09 - Governor Arnold Schwarzenegger has signed legislation to increase protections for consumers in the home mortgage lending market and provide law enforcement with more tools to crack down on deceitful mortgage practices, including SB 36 (Calderon), AB 329 (Feuer), and AB 1160 (Fong). These bills establish greater consumer protection by expanding mortgage licensing, strengthen California's reverse mortgage laws, and require mortgage loan documents to be translated into the language that verbal negotiations were conducted. Corporations Commissioner DuFauchard participated in a bill-signing ceremony in Merced on October 19, 2009. For more information please view the October 12 media release from the Governor.
  • 10/14/09 - NASAA Announce IARD System Fee Waiver.On October 13, 2009, 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. 
  • 09/30/09 The California Corporations Commissioner has adopted changes to Title 10 of the California Code of Regulations to correct technical inaccuracies in various rules under the Corporate Securities Law of 1968 that have been rendered inapplicable as a result of the passage of time or modifications to other provisions in the rules or the California Corporations Code.  The rules amended include Sections 260.004, 260.017.1, 260.102.14, 260.165, 260.210, 260.211, 260.230.1, 260.236, 260.236.1, 260.237.2, 260.240, and 260.241.3; and the rules repealed include Sections 260.101, 260.103.3 and 260.237.1 of Title 10 of the California Code of Regulations.  These amendments were filed with the Secretary of State on September 24, 2009 and become effective on October 24, 2009. 
  • 09/28/09 - The California Corporations Commissioner adopted technical and clarifying amendments to Sections 260.102.8(b), 260.103.6, 260.105.15, 260.113, 260.140.8(b)(4), 260.140.42(e), 260.140.71.2, 260.140.114.1(c), 260.151(a), 260.236(c)(3)(C), 260.608, 1457(d), 1950.122.1, 2020(c), 2030, and the Note after Subchapter 6 of the California Finance Lenders Law; and repealed Sections 250.50 and 250.51 of Title 10 of the California Code of Regulations under the Corporate Securities Law of 1968, California Finance Lenders Law, California Residential Mortgage Lending Act, and California Deferred Deposit Transaction Law.  These amendments were filed with the Secretary of State on September 23, 2009 and become effective on October 23, 2009.  (PRO 17/03)
  • 09/25/09 — The 2008 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.
  • 09/02/09 - ** SMALL BUSINESS ALERT -- Misleading Business Solicitations ** - The Department of Corporations has become aware of solicitation letters being sent to California businesses encouraging them to comply with California Corporations Code filing obligations by submitting fees and documents to a third party rather than by filing directly with the appropriate government agency. The solicitations request that a fee and a completed form be submitted in order for the business to comply with applicable California or other law; although these solicitations have the appearance of being official government communications, they are not being made by the Department of Corporations nor the California Secretary of State's office and are not being made by or on behalf of any governmental entity. For more information, including instructions on how to report fraudulent solicitations, please visit the Secretary of State's "Customer Alert".
  • 09/02/09 - The next Escrow Law Advisory Committee meeting will be on Tuesday September 15, 2009 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, Room A.
  • 09/01/09 - The California Corporations Commissioner is amending the proposed changes to Sections 260.101.2, 260.103.4, 260.105.7, 260.105.17, 260.105.33, 260.105.34, 260.211.1, 260.217, 260.230, 260.241.4, and 260.242; and the proposed repeal of Sections 260.105.37 and 260.204.11 Chapter 3 of Title 10 of the California Code of Regulations, originally published in the October 10, 2008 California Register (2008, No. 41-Z).  This rulemaking action conforms 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 these amendments ends on September 21, 2009.
  • 08/18/09 - The Commissioner has revised Releases 87-C and 88-C to certify the NASDAQ Capital Market under Corporations Code Sections 25100(o) and 25101(a), thereby clarifying the exemption from qualification for securities listed on this exchange, including any warrant or right to purchase or subscribe to the securities. 
  • 08/18/09 - **INTERNET ALERT – Impact-escrow.com** - The Department of Corporations has been notified that Impact-escrow.com is offering escrow services over the internet and is falsely advertising that it is Impact Escrow, Inc., a valid escrow company that holds Department of Corporations License number 963-2100.  Impact-escrow.com is not a website of Impact Escrow, Inc.  Impact-escrow.com is not Licensed to conduct escrows by the California Department of Corporations.
  • 08/11/09— ** Notice to Potential Claimants of Dependable Escrow Co.** The Commissioner of Corporations Appoints a Conservator for Dependable Escrow Co .- By an order dated June 8, 2009, the California Department of Corporations appointed Kristie Jaynes, Corporation Examiner in the Financial Services Division of the California Department of Corporations, as Conservator of Dependable Escrow Co.  This action was taken when it was learned that Dependable had committed numerous violations of the California Escrow Law.
  • 07/03/09 - Effective July 1, 2009, it is unlawful for a foreclosure consultant, as defined in Civil Code Section 2945.1, to engage in the foreclosure consultant business unless it has registered with the office of the Attorney General and has received a Certificate of Registration.  Information about the registry and the application form is available on the Attorney General’s website at http://ag.ca.gov/register.php.
  • 07/02/09 - **INTERNET ALERT – allproescrow@hotmail.com** - The Department of Corporations has been notified that unsolicited emails from the email address allproescrow@hotmail.com are being sent to consumers offering escrow services using the identity and contact information of All Pro Escrow Services, Inc., a Licensed escrow company.   The Department recommends that should you receive an unsolicited email from this email address, or any other purported escrow company, that you verify the company’s legitimacy before proceeding.
  • 06/15/09 - 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 2009
  • 06/04/09 - **INTERNET ALERT – Onlesc.com** - The Department of Corporations has been notified that onlesc.com is offering escrow services over the internet without a valid escrow License.  Onlesc.com claims to hold License number 963-0771 and to be located at 11770 Bernardo Plaza Court, San Diego, California.  License number 963-0771 was previously issued to 1 Escrow Online, Inc., located at 11770 Bernardo Plaza Court, San Diego, California. Onlesc.com is not Licensed to conduct escrows by the California Department of Corporations.
  • 06/03/09 - The application to apply for an exemption under the California Foreclosure Prevention Act (CFPA) is now available for download on our website.  Also available is a notice to servicers providing an overview of the new requirements and a list of frequently asked questions (FAQ's).
  • 06/01/09 - The California Foreclosure Prevention Act Emergency Regulations were filed with the Secretary of State. The law will become operative on June 15, 2009.
  • 06/01/09 - The California Corporations Commissioner is amending the proposed changes to Sections 260.004, 260.017.1, 260.101, 260.102.14, 260.165, 260.210, 260.211, 260.230.1, 260.231A, 260.236, 260.236.1, 260.237.2, 260.240, 260.241.3, 260.103.3, and 260.237.1 of Title 10 of the California Code of Regulations, originally published in the March 13, 2009 California Register (No. 2009, No. 11-Z).  The Commissioner proposes amending Section 260.165 of the Commissioner’s rules to provide that the consent to service of process under Corporations Code Section 25165 may be the consent included in the Securities and Exchange Commission’s Form D, or any consent included in an electronic filing.  The period within which to comment on these amendments ends on June 17, 2009.
  • 06/01/09 - The next Escrow Law Advisory Committee meeting will be on Tuesday June 9, 2009 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.
  • 05/14/09 - The emergency regulations to clarify the application of Sections 2923.52 and 2923.53 of the Civil Code under the California Foreclosure Prevention Act (“CFPA”, Civil Code Sec. 2923.52 et seq.), as enacted by ABX2 7 (Lieu, Ch. 5, Stats. 2009) and ABX2 7 (Corbett, Ch. 4, Stats. 2009) during the second extraordinary legislative session are now available on the website.
  • 04/28/09 - The latest edition of the Escrow Bulletin is now available online.  In addition to being posted on the Department's website, the Escrow Bulletin is being sent by e-mail to those Licensees who have provided e-mail addresses.  Some of the topics covered in this issue include electronic signatures, the proper way to surrender an escrow agent's License, what is required for an escrow agent to move to a new location as well as a list of the current Escrow Advisory Committee members and administrative actions taken by the Department.
  • 04/21/09- The Commissioners of Corporations, Financial Institutions, and Real Estate seek comments from interested parties on the draft California Foreclosure Prevention Act regulations, including the application and servicer survey. Comments are requested by May 6, 2009.
  • 04/08/09 - ** INTERNET ALERT – www.greenstreetventures.us and Green Street Ventures, Inc.** - The Department of Corporations has been notified that www.greenstreetventures.us and Green Street Ventures, Inc ., are misusing the address of Green Street Advisors, Inc., a Licensed broker-dealer. The web site www.greenstreetventures.us and Green Street Ventures, Inc. stationary falsely claims to use the address of the legitimate and Licensed Green Street Advisors, Inc.  Also, the use of the name Green Street Ventures is designed to mislead the public into thinking they are dealing with Green Street Advisors, Inc., the Licensed broker-dealer. Green Street Ventures, Inc., is not Licensed as a securities broker-dealer.
  • 03/30/09 - The California Corporations Commissioner announced settlement agreements on Auction Rate Securities with Wachovia and Citigroup.  The settlements include agreements to offer to repurchase such securities from California investors in an amount exceeding $4.7 billion.  Phone numbers for consumers to contact Wachovia and Citigroup are included in the media release.  ARS investors may also go to an arbitration website established by the North American Securities Administrators Association (NASAA) intended to guide investors seeking damages through a special arbitration procedure.
  • 03/25/09 - The California Corporations Commissioner proposes to make technical and clarifying amendments to Sections 260.102.8(b), 260.103.6, 260.105.15, 260.113, 260.140.8(b)(4), 260.140.42(e), 260.140.71.2, 260.140.114.1(c), 260.151(a), 260.236(c)(3)(C), 260.608, 1457(d), 1950.122.1, 2020(c) and 2030; to amend the Note after Subchapter 6 of the California Finance Lenders Law; and to repeal Sections 250.50 and 250.51 of Title 10 of the California Code of Regulations under the Corporate Securities Law of 1968, California Finance Lenders Law, California Residential Mortgage Lending Act, and California Deferred Deposit Transaction Law.  The period within which to comment on this proposed regulatory action ends on June 15, 2009. 
  • 03/25/09 - The California Corporations Commissioner issued Release 120-C to provide clarity regarding the filing requirements for securities issuers filing Form D with the Department, in light of the Securities and Exchange Commission’s (SEC) revisions to the form and requirement that the form be electronically filed with the SEC.
  • 03/20/09 - **INTERNET ALERT – Incredibleoffer.org** - The Department of Corporations has been notified that Incredibleoffer.org is claiming to be Escrow.com, a Licensed escrow company, and is offering escrow services over the internet without a valid escrow License.  Incredibleoffer.org is not a website of nor is it associated with Escrow.com in any manner.  Incredibleoffer.org is not Licensed to conduct escrows by the California Department of Corporations.
  • 03/19/09 - **INTERNET ALERT – Safesaledomain.com** - The Department of Corporations has been notified that Safesaledomain.com is offering escrow services over the internet and recruiting “Escrow Account Specialists” to act as third party escrow agents without a valid escrow License.  Safesaledomain.com is not Licensed to conduct escrows by the California Department of Corporations.
  • 03/16/09 - The Department of Corporations is working with the Legislature to bring mortgage loan originators employed by Finance companies Licensed under the CFLL and residential mortgage lenders and mortgage loan servicers Licensed under the CRMLA in compliance with the provisions of the SAFE Act.  In order to properly prepare for the licensing of mortgage loan originators, all Licensees must complete the survey form titled National Mortgage Licensing System and Registry Survey.  The survey form is available on the Department’s website at http://www.dbo.ca.gov/fsd/survey/safe.asp.  The form must be completed online and filed electronically to the Department of Corporations by April 6, 2009.  
  • 03/12/09 - HSBC Finance Corporation announced on 3/2/09 that its Household Finance Corporation (HFC) and Beneficial branch offices have discontinued all new loan originations in HFC and Beneficial branches.  In upcoming weeks, the branches will close.  HFC and Beneficial will continue to service all existing customer accounts. 
  • 03/09/09 - 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 - Fourth Quarter 2008
  • 03/02/09 - The next Escrow Law Advisory Committee meeting will be on Tuesday March 10, 2009 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.
  • 02/26/09 - ** INTERNET ALERT – FiVanta Funding Corp. formerly known as Champions Group Equity Lending ** - The Department of Corporations has been notified that FiVanta Funding Corp. (www.fivanta.com) is claiming to be Licensed by the Department of Corporations under the California Finance Lenders Law.  FiVanta Funding Corp., which states its office is at 2081 Business Center Drive, Suite 285, Irvine, California 92612 is not Licensed by the California Department of Corporations.  Fivanta Funding Corp., under its former name, Champions Group Equity Lending, was previously Licensed by the California Department of Corporations under the California Finance Lenders Law, but its License was revoked on April 9, 2008. 
  • 02/11/09 - ** INTERNET ALERT – www.abbfx.com and Advanced Brilliant Broker, LLC** - The Department of Corporations has been notified that unknown individuals and entities are falsely claiming to be a subsidiary of a Licensed commodities firm called Advanced Futures LLC that is located at 30 S. Wacker Drive, Suite 2020, Chicago, Illinois 60606. The phoney company is using the web site address of www.abbfx.com and the name Advanced Brilliant Broker, LLC to falsely claim it is a subsidiary of Advanced Futures LLC. The phoney company is claiming to be located at 777 South Figueroa Street, 39th Floor, Los Angeles, CA 90017 with a phone number of (213) 985-3458. The legitimate company, Advanced Futures LLC, is registered with the Commodity Futures Trading Commission as a registered commodity trading advisor, a registered commodity pool operator, a registered futures commission merchant and is an approved National Futures Association member (NFA ID#327359).
  • 02/10/09 - The California Corporations Commissioner proposes to amend Sections 260.004, 260.017.1, 260.101, 260.102.14, 260.165, 260.210, 260.211, 260.230.1, 260.231A, 260.236, 260.236.1, 260.237.2, 260.240, and 260.241.3; and to repeal Sections 260.103.3 and 260.237.1 of Title 10 of the California Code of Regulations.  Amendments to the regulations are necessary to correct technical inaccuracies in various provisions in the Code of Regulations that have been rendered inapplicable as a result of the passage of time or modifications to other provisions in the Code of Regulations or the California Corporations Code.  The period within which to comment on this proposed regulatory action ends on April 27, 2009. 
  • 01/21/09 - ** INTERNET ALERT** - The Department of Corporations has been notified that unknown individuals and entities are misappropriating the name of Investment Security Corporation, a Licensed broker-dealer. The phony company is sending an “Official Invoice” to individuals claiming to charge them a fee for the purchase and sale of securities by means of a share exchange and redemption transaction.   It appears that the phony company is targeting investors in other countries. The phony company uses the same name and address as the legitimate company without the suite number and uses phony telephone and other contact information. The phony contact information being used is: telephone numbers of (818)-647-0350, 1-800-680-1521 and 1-888-760-9001; a facsimile number of (818) 647-0354; and an e-mail address of  contact@invsecinline.com. The legitimate Investment Security Corporation is located at 23945 Calabasas Road, Suite 207-C, Calabasas, CA 91302 with a telephone number of (818) 222-1210 and a facsimile number of (818) 222-4870.