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News Release: 01-18
GRAY DAVIS, Governor
Date: 10/30/01
DEMETRIOS A. BOUTRIS, Commissioner
Department of Corporations Wins Federal Consumer Protection Grant
Department of Corporations Cuts Costs for Small Business
Sacramento, October 30, 2001 — The Davis Administration today announced that the California Department of Corporations has been awarded a three-year, $1.2 million federal grant for the Seniors Against Investment Fraud (SAIF) consumer protection program.
"The SAIF program will reach out to California's senior population at the grassroots level so that seniors can recognize, report and avoid predatory investment practices," said Secretary Maria Contreras-Sweet of the Business, Transportation and Housing Agency, which oversees the Department of Corporations.
Corporations Commissioner Demetrios A. Boutris said that the State of California is partnering with senior and multi-cultural organizations like 10/30/01RP and the Retired Senior Volunteers Program to create a statewide senior volunteer network. Seniors Against Investment Fraud volunteers will lead outreach seminars to teach their peers how to spot and steer clear of investment scams targeted at seniors. Volunteers will speak to clubs and at senior centers and other public places within their communities.
The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov.
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