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Regulations

  • Regulations: Decisions Pending and Opportunities for Public Comment
    Proposed changes
  • FORECLOSURE PREVENTION ACT
    • The Commissioner of the Department of Real Estate proposes to adopt rules entitled, “California Foreclosure Prevention Act.” The proposed regulatory action clarifies the application of Civil Code Sections 2923.52 and 2923.53 under the California Foreclosure Prevention Act. The proposed rules were adopted as emergency regulations on June 1, 2009, and readopted as emergency regulations on December 1, 2009. Comments may be submitted until 5:00 p.m., February 10, 2010. Details regarding how to comment appear within the “Notice” document available here.
    • Notice Graphic: Denotes a PDF document
    • Proposed Regulation Changes Graphic: Denotes a PDF document
    • Initial Statement of Reasons Graphic: Denotes a PDF document
    • Proposed Survey
    • For more details, please contact Daniel Kehew, Real Estate Counsel, at (916) 227-0425.

  • SB 36 IMPLEMENTATION REGULATIONS (SAFE ACT)
    • In July 2008, responding to the mortgage loan crisis and the significant risks presented to borrowers nationwide (and the economic system as a whole) by unqualified or under-qualified mortgage loan originators, Congress passed the federal SAFE Act. In light of the significant risks and issues addressed, the SAFE Act imposes a demanding timeline upon the states for its implementation. The SAFE Act sets out severe consequences where a state does not show good faith in acting as quickly as possible to bring its licensing system into compliance with the national standard.

      California’s statutory response to the SAFE Act was the passage of SB 36 in late 2009. This new law creates the ‘Mortgage Loan Originator License Endorsement’ program within the licensing program of the Department of Real Estate.

      Given the demanding timelines in SB 36 and more particularly the SAFE Act, the Department of Real Estate is acting as quickly as possible to adopt regulations to implement SB 36. These emergency regulations will be submitted to the Office of Administrative Law on February 9, 2010, commencing a five-day public comment period. These emergency regulations are scheduled to go into effect on February 22, 2010.
    • Notice of pending Emergency Regulations Adoption Graphic: Denotes a PDF document
    • Text of Emergency Regulations Graphic: Denotes a PDF document
    • Finding of Emergency (including Statement of Reasons) Graphic: Denotes a PDF document
    • The Commissioner strongly values public input regarding regulations development, and recognizes the limitations placed on public participation where such an emergency regulation adoption is needed. To minimize the impact of this emergency adoption, the Department concurrently started the standard regulations adoption process for these regulations. The Department submitted these regulations to the Office of Administrative Law on February 2, 2010, for notice publication on February 12, 2010. The documents relating to this standard regulations proposal will be added to this website next week, prior to notice publication.

      The standard regulations process will offer two options for comment by the public. On February 12, 2010, a 45-day public comment period will begin, running through March 29, 2010. Also, a public hearing regarding this regulatory proposal will be held on March 29, 2010, at the Department’s offices in Sacramento. More detail on this hearing will be in the documents published on February 12 and posted here next week.

  • California Regulatory Notice Register