What's New Postings -2013
- 05/23/13 - The next Escrow Law Advisory Committee meeting will be on Tuesday June 4, 2013 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. Agenda The minutes of the March 12, 2013 meeting are now available.
- 05/21/13 - The Commissioner issued Commissioner’s Bulletin No. 002-13 to alert escrow companies of the growing threat of cyber-hacking of escrow trust accounts and their duty to protect consumer funds against cyber-hacking by managing the trust accounts in a safe and sound manner.
- 05/14/13 - The Commissioner issued Release No. 16-G (Revised) relating to the Regulatory Ombudsperson process an applicant for a license, permit or registration may take when an applicant disagrees with the manner in which an administrative regulation is being applied to the application.
- 05/07/13 **INTERNET ALERT – Wilshire Escrow in Australia** - The Department of Corporations has been notified that Wilshire Escrow in Australia, which has used or is using the website addresses of www.wilshire-escrow-au.com and www.wilshire-escrow-aus.com, is offering escrow services and is falsely purporting to be Wilshire Escrow in Los Angeles, a valid escrow company that holds Department of Corporations license number 963-0326. Wilshire Escrow in Australia is not affiliated with Wilshire Escrow in Los Angeles. Wilshire Escrow in Australia is not licensed by the California Department of Corporations to conduct escrows ( Consumer Alerts)
- 04/02/13 - **INTERNET ALERT – Elite Escrow Title Inc.** - The Department of Corporations has been notified that Elite Escrow Title Inc., which has used or is using an address of 2010 Crow Canyon Place, Suite 100, San Ramon, California, is offering escrow services and is falsely purporting to be Elite Escrow Services of San Diego, a valid escrow company that holds Department of Corporations license number 963-0397. Elite Escrow Title Inc. is not affiliated with Elite Escrow Services of San Diego. Elite Escrow Title Inc. in San Ramon is not licensed by the California Department of Corporations to conduct escrows
- 03/12/13 - California Department of Corporations Provides Update Regarding Crowdfunding Activities. (Crowdfunding Update) The Department has released an update regarding the status of the law relating to “crowdfunding.” The new federal Jumpstart Our Business Startups (JOBS) Act exempts some small businesses and entrepreneurs from securities regulations in order to tap into the “crowd” in search of investments to finance their business ventures, but the practice is still regulated under existing law until the SEC issues final rules under the new law. The update explains some of the distinctions in use of the term “crowdfunding” for investment activities; the term “crowdfunding” is often used imprecisely and may or may not indicate a violation of the law.
- 03/12/13 - **INTERNET ALERT – arbor-one.com** - The Department of Corporations has been notified that arbor-one.com is offering escrow services over the Internet and is falsely purporting to be Arbor One Escrow, a valid escrow company that holds Department of Corporations license number 963-2652. Arbor-one.com is not a website of Arbor One Escrow. Arbor-one.com is not licensed by the California Department of Corporations to conduct escrows (Consumer Alerts)
- 03/8/13 - On February 28, 2013, the Department issued an order that froze the escrow activity of Efficient Services Escrow Group when it was learned that unauthorized wires had been transferred from two of its trust accounts. The company was given the opportunity to correct the trust shortage, but did not provide proof of correction. In order to start the process of releasing funds to customers with funds on deposit, on March 8, 2013 the Department issued additional orders to appoint a conservator. The conservator is Peter Davidson of Ervin, Cohen & Jessup LLP. At this time it is unknown when funds will be released and at what percentage. More information will become available once the conservator is able to fully assess the situation. FAQ’s
- 02/20/13 -
**INTERNET ALERT – complete-trade.com** - The Department of Corporations has been notified that complete-trade.com is offering escrow services over the internet and is falsely purporting to be Complete Escrow Service Corporation, a valid escrow company that holds Department of Corporations license number 963-0816. Complete-trade.com is not a website of Complete Escrow Services Corporation. Complete-trade.com is not licensed by the California Department of Corporations to conduct escrows. (See Consumer Alerts)
- 02/06/13 - The Residential Mortgage Loan Report and the Mortgage Banker Annual Report are now available.
- 01/23/13 - The 2012 CFL Annual Report Instructions and Forms are now available.
- 01/17/13 - The 2012 Residential Mortgage Loan Report has been posted.
- 01/10/13 - **INTERNET ALERT ** - The Department of Corporations has been notified that unknown companies listing addresses in Beverly Hills, are making online offers of high yield FDIC insured CDs. The public should check the FDIC website at http://research.fdic.gov/bankfind before purchasing CDs online.
- 01/08/13 - Longtime Department employee Jackie Wiley-Sistrunk was honored in 2012 as a “Money Hero” by MONEY Magazine (a nationally circulated magazine affiliated with CNN). Jackie was honored for her work with the Seniors Against Investment Fraud (SAIF) program, and her years of service with the Education & Outreach unit of the Department to help assist Seniors and other vulnerable communities to avoid financial traps and investment fraud. Jackie’s feature may be viewed here: http://money.cnn.com/gallery/pf/2012/11/12/seniors-financial-security.moneymag/2.html.
- 01/01/13 -
The Commissioner has revised Commissioner’s Release No. 65-FS regarding new foreclosure laws taking effect on January 1, 2013. The revisions clarify certain requirements for mortgage servicers, and correct the operative date of provisions enacted by AB 1599 (Ch. 556, Stats. 2012), a bill requiring translated summaries of notices of default and sale.