What's New Postings: 2010

  • 12/06/10 - The Commissioner of Corporations is providing notice that on December 14, 2010 the Department will file emergency regulations for the readoption and amendment of various sections of Title 10, Chapter 3, of the California Code of Regulations.  These emergency regulations implement the federal law, the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) and SB 36 (Chapter 160, Statutes of 2009 - Calderon). 
  • 12/06/10 - The California Corporations Commissioner proposes to adopt rules to implement the federal law, the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) and SB 36 (Chapter 160, Statutes of 2009 – Calderon).  The proposed rules were adopted as emergency regulations on April 1, 2010, and in this rulemaking action the Commissioner proposes to permanently adopt various sections of Title 10, Chapter 3, of the California Code of Regulations.  The period within which to comment on this proposed regulatory action ends on January 24, 2011. 
  • 12/03/10 - The California Corporations Commissioner (Commissioner) is seeking comments from interested parties on regulation for investment advisers related to custody of client funds, minimum financial requirements, advertising, brochure requirements, client solicitations, ethics, and books and records.  The Commissioner requests comments by January 7, 2011. 
  • 11/22/2010 - The next Escrow Law Advisory Committee meeting will be on Tuesday December 7, 2010 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.
  • 11/19/10 - **INTERNET ALERT – International-corp.com** - The Department of Corporations has been notified that international-corp.com is offering escrow services over the internet and is falsely advertising that it is International City Escrow, Inc., a valid escrow company that holds Department of Corporations License number 963-1216. International-corp.com is not a website of International City Escrow, Inc. International-corp.com is not Licensed to conduct escrows by the California Department of Corporations.
  • 10/19/10 - Affordable Credit-Building Opportunities Pilot Program:  Senate Bill 1146 (2010)  creates a small loan program, the Pilot Program for Affordable Credit-Building Opportunities, under the California Finance Lenders Law. 
  • 10/06/10 - The California Corporations Commissioner is proposing further amendments to Section 260.004.1 Chapter 3 of Title 10 of the California Code of Regulations, originally published in the May 28, 2010 California Register (No. 2010, No. 22-Z).  The proposed rule relates to broker-dealer licensure requirements for certain officers and directors of issuers.  The period within which to comment on these amendments ends on October 21, 2010.
  • 09/29/10 - The Commissioner of Corporations has re-adopted the emergency regulations implementing the federal law, the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) and SB 36 (Chapter 160, Statutes of 2009). 
  • 09/15/10 - The Commissioner of Corporations is providing notice that on September 22, 2010 the Department will file emergency regulations for the readoption and amendment of various sections of Title 10, Chapter 3, of the California Code of Regulations. These emergency regulations implement the federal law, the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) and SB 36 (Chapter 160, Statutes of 2009 - Calderon). (PRO 16/08).
  • 09/14/10 - The Department issued a notice that the annual renewal period for mortgage loan originator Licenses will be from November 1, 2010 through December 31, 2010. MLOs must renew their License during this period in order to ensure they are authorized to continue originating loans during the 2011 calendar year.
  • 09/03/10 - The Department will be participating in a Small Business Exchange on Thursday, October 14, 2010, in Rancho Cordova, CA. For information about the Department's small business (SB) and disabled veteran business enterprise (DVBE) programs, please click here.
  • 09/01/10 - The Department issued a notice to all Investment Advisers that the Department is adopting the new Part 2, effective October 12, 2010 and it will be mandatory as of January 1, 2011.
  • 08/29/2010 - The next Escrow Law Advisory Committee meeting will be on Wednesday September 8, 2010 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.
  • 08/25/10 - **INTERNET ALERT – enationinc.com** - The Department of Corporations has been notified that enationinc.com is offering escrow services over the internet and is advertising that it is Escrow Nation, Inc., an escrow company whose License was revoked in August 2009. Further, enationinc.com is using photographs and names of employees it garnered from Licensed escrow company Elite Escrow Services of San Diego’s website. These individuals are not associated with enationinc.com or Escrow Nation, Inc. Enationinc.com also claims that it is Licensed by the Department of Corporations. Enationinc.com is not a website of Elite Escrow Services of San Diego. Enationinc.com and Escrow Nation Inc. are not Licensed to conduct escrows by the California Department of Corporations.
  • 08/06/10 - ** INTERNET ALERT – www.statefincorp.com** - The California Department of Corporations has been notified that unknown individuals and entities operating at www.statefincorp.com are misappropriating the name of State Financial Corporation, a Licensed California Finance Lender. The fraudulent web site at www.statefincorp.com contains a link to the actual Department of Corporations web site that lists State Financial Corporation as a Licensee intending to defraud consumers into thinking that the www.statefincorp.com site is legitimate. The legitimate web site for State Financial Corporation is www.statefinancial.com.
  • 07/26/10 - The Department issued a notice to all pending mortgage loan originator (MLO) applicants informing them they have 4 business days left to submit all requirements for licensing in order to receive an MLO License.  If the MLO License application has not been approved by the Department of Corporations by close of business on July 31, 2010, they must cease operating as an MLO until the Department has approved the application. 
  • 07/26/10 - The Department issued a notice to all California Residential Mortgage Lender and California Finance Lenders Licensees informing them that all mortgage loan originators (MLO) have 4 business days remaining to complete the MLO application process.  All MLOs employed by a Licensee must be Licensed as Mortgage Loan Originators by July 31, 2010.
  • 07/15/10 - The Department issued a notice to all pending mortgage loan originator (MLO) applicants informing them they have 11 business days left to submit all requirements for licensing in order to receive an MLO License.  If the MLO License application has not been approved by the Department of Corporations by close of business on July 31, 2010, they must cease operating as an MLO until the Department has approved the application. 
  • 07/15/10 -The Department issued a notice to all California Residential Mortgage Lender and California Finance Lenders Licensees informing them that all mortgage loan originators (MLO) have 11 business days remaining to complete the MLO application process.  All MLOs employed by a Licensee must be Licensed as Mortgage Loan Originators by July 31, 2010.
  • 07/12/10 - The California Corporations Commissioner is extending the public comment period for the proposed adoption of a rule under the Corporate Securities Law of 1968 relating to the licensure requirement for associated persons of broker-dealers until July 20, 2010.  
  • 070/7/10 - The Department issued a notice to all pending mortgage loan originator (MLO) applicants informing them all requirements for licensing must be met in order to receive an MLO License.  If the MLO License application has not been approved by the Department of Corporations by close of business on July 31, 2010, they must cease operating as an MLO until the Department has approved the application. 
  • 07/07/10 - The Department issued a notice to all California Residential Mortgage Lender and California Finance Lenders Licensees informing them that all mortgage loan originators (MLO) they employ must be Licensed as Mortgage Loan Originators by July 31, 2010.  All mortgage loan originators that have not had their applications approved by the Department of Corporations (DOC) by close of business July 31, 2010, must cease operating as an MLO until the Department has approved their Licenses.
  • 06/28/10 - The California Corporations Commissioner has posted the translated forms required by AB 1160 (Fong 2009) that Finance lenders and residential mortgage lenders who negotiate primarily in Spanish, Chinese, Tagalog, Vietnamese, and Korean must provide to consumers for loans secured by residential real property, beginning July 1, 2010.  The forms contain a summary of key terms in each of these five languages and are based on the federal Housing and Urban Development (HUD) Good Faith Estimate (GFE) form.  Additional information regarding the forms can be found at Civil Code Section 1632.5.
  • 06/24/10 - ** ALERT - Kevin Buckman/Parson Bedford ** - The Department of Corporations has been notified that a person identifying himself as Kevin Buckman falsely claiming to be an employee of the Department of Corporations from the San Diego office contacted at least one California Deferred Deposit Transaction Law Licensee requesting confidential customer information.  Kevin Buckman requested that the Licensee fax ten (10) randomly selected deferred deposit transaction applications and ten (10) randomly selected check cashing applications each month.
    Any Licensee contacted by a person identifying himself as Kevin Buckman or Parson Bedford or any Licensee that receives a request for documents or information that appears suspicious from any person claiming to be an employee of the Department of Corporations is asked to notify the Department of Corporations at (866) ASK–CORP (866-275-2677).   
  • 06/22/10 - The California Corporations Commissioner issued Release 63-FS to address the Department of Corporations’ position on two separate inquiries concerning whether the Department requires mortgage loan originator Licenses for: (1) individuals who work for housing counseling agencies certified by the U.S. Department of Housing and Urban Development; and (2) volunteers and employees of the forty-nine (49) Habitat for Humanity affiliates in California. Release 63-FS
  • 06/09/10 - California Finance Lenders Law (CFLL) Assessment Date HAS Changed.  As a result of SB 36 (The SAFE Act), the assessment date for all Licensees under the CFLL has changed from May 30, 2010 to November 30, 2010.  The assessments will be mailed by November 30th and will be due no later than December 31, 2010.
  • 5/28/20 - Mortgage Loan Originators (MLO) - Important Update on Mortgage Loan Originator Licensing by California Department of Corporations [See Full Text of Letter]
  • 05/28/2010 - The next Escrow Law Advisory Committee meeting will be on Tuesday June 8, 2010 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
  • 05/25/10 - Mortgage Loan Originators (MLO) - The Department of Corporations (DOC) has extended the requested filing date for MLO applicants to June 15, 2010 in order to ensure that the DOC has sufficient time to process the application by July 31, 2010.
    Certification of MLO Education Requirement - The Department of Corporations, in conjunction with the Department of Real Estate (DRE), will certify compliance with the pre-License education requirements for those MLO applicants that apply only to the DOC for an MLO License.  The certification will state that the pre-License education requirement has been satisfied based on the education completed to obtain a DRE License. 
  • 05/05/10 - The California Corporations Commissioner proposes to adopt Section 260.004.1 of Title 10 of the California Code of Regulations under the Corporate Securities Law of 1968. The proposed rule relates to broker-dealer licensure requirements for certain officers and directors of issuers. The period within which to comment on this proposed regulatory action ends on July 12, 2010. 
  • 05/04/10 - The Department of Corporations will certify compliance with the pre-License education requirements for mortgage loan originators employed by Department of Corporations Licensees.  An individual  who holds a current License from the California Department of Real Estate or who has held an active License in the past may apply to the Department of Corporations to have their pre-License education requirements certified into the NMLS system.
  • 04/08/10 - The Department of Corporations has been notified that Alistair McDonald, Mark Priest and a company by the name of Equity Transfer Management purportedly located in Prague, Czech Republic, and Bruce Wright and International Equity Regulations Department of Japan are contacting investors of Tri-Clean Enterprises and offering to purchase their shares at a grossly inflated amount of nine times their original purchase price and will also guarantee payment.  Investors are informed that a purported regulatory agency called International Equity Regulations Department can verify the authenticity of the offer and will act as the guarantor for the purchase price. This purported regulatory agency has no jurisdiction or authority in the State of California.  Neither the individuals nor companies named are Licensed by the California Department of Corporations to act as a broker-dealer or investment adviser in the State of California.  Contact information being used by Alistair McDonald, Mark Priest and Equity Transfer Management is: a telephone number of +420-246-019-884; a facsimile number of +420-227-204-939; an email of  alistair.mcdonald@equitytmgmt.com; and a website of www.equitymgmt.com. The contact information being used by Bruce Wright and International Equity Regulation Department is: an address of 12/F, Tokyo Bankers Club Building, 1-2-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan; a telephone number of +81-3-4590-3164; a facsimile number of +81-3-6385-7510; an email of regulation@interd.org; and a website of http://www.interd.org.
  • 04/01/10 - The Commissioner of Corporations has adopted emergency regulations implementing the federal law, the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) and SB 36 (Chapter 160, Statutes of 2009).
  • 03/24/2010 - **INTERNET ALERT – First-request.com** - The Department of Corporations has been notified that first-request.com is offering escrow services over the internet and is falsely advertising that it is First Request Escrow, Inc., a valid escrow company that holds Department of Corporations License number 963-2059.  First-request.com is not a website of First Request Escrow, Inc.  First-request.com is not Licensed to conduct escrows by the California Department of Corporations.
  • 03/17/10 - The Commissioner of Corporations is providing notice that on March 23, 2010 the Department will file emergency regulations adopting and amending various sections of Title 10, Chapter 3, of the California Code of Regulations.  These emergency regulations implement the federal law, the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) and SB 36 (Chapter 160, Statutes of 2009 - Calderon). 
  • 03/01/10 - The next Escrow Law Advisory Committee meeting will be on Tuesday March 9, 2010 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.
  • 02/09/10 - The 2009 Residential Mortgage Loan Report (CFL) is now available for download. This report is due March 31, 2010. FAQs are available under Forms and Applications
  • 02/04/10 -The Report of Principal Amount of Loans Originated and Aggregate Amount of Loans Service for the 12 Month Period Ended December 31, 2009 is now available for download. This report is due on March 1, 2010. Instructions and FAQs, are available under Forms and Applications
  • 02/04/10 - The 2009 Residential Mortgage Loan Report (CRMAL) is now available for download. This report is due March 31, 2010. FAQs are available under Forms and Applications
  • 01/29/10 — Instructions and filing form for the 2009 Annual Report for Lenders and Brokers Licensed under the California Finance Lenders Law is now available on the website. [Adobe Reader 8 is required for this form.] The form is in an Adobe Reader fillable form format, which you may complete online, print, and then mail to the Department.  The report is due on or before March 15, 2010.
  • 01/07/10 - The 2008 Annual Report of Operations of Finance Companies Licensed under the California Finance Lenders Law is available on our website. This report is based on unaudited data presented by Licensees and is primarily statistical in nature.
  • 01/07/10 - The Department has prepared and mailed updated information to all CRMLA and CFLL Licensees regarding the Nationwide Mortgage Licensing System (NMLS).  This new communication provides an update concerning the  Department's fees associated with applications to become a Mortgage Loan Originator.
  • 01/04/10— ** Notice to Customers of Prime West Escrow, Inc..** “Commissioner of Corporations Freezes Trust Accounts of Prime West Escrow, Inc.”  By an order dated January 4, 2010 the California Department of Corporations took an action to freeze the trust accounts of Prime West Escrow, Inc. This action was taken due to the shortfall of $333,403.20 between the calculated trust shortage amount and what Prime West Escrow, Inc. received from its fidelity coverage.
  • 01/01/10 - The California Department of Corporations will begin using the Nationwide Mortgage Licensing System (NMLS) starting January 4, 2010.  NMLS, developed through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), will allow companies to conveniently manage their mortgage License(s) in an electronic format through a secure website.