Category: Announcements

By T. Robert Finlay, Esq.  Rarely are legislative updates full of good news, but this one is!  Senate Bill 1146, sponsored by the California Mortgage Association (“CMA”) and co-written by the CMA Legislative Committee and the...

By Casey Busch, Esq. and Madelaine Prescott, Esq. In September, Governor Newsom approved Assembly Bill 3108 (“AB 3108”) to amend Section 4973 of the Financial Code and—crucially—to amend Section 532f of the Penal Code (“532f”)....

By Michelle Mierzwa, Esq. Assembly Bill 2424, effective January 1, 2025, makes several revisions to the non-judicial foreclosure process designed to assist borrowers in avoiding foreclosure by prompting early marketing and sale...

Why is the CMA raising money?  The CMA is raising money to file an Amicus Brief in the Ninth Circuit Court of Appeals on a key issue impacting its members and their clients. What is the issue?  In the case of In Re Moon,...

Mortgage Lending Holden Act Reports Due March 31 Mortgage lending licensees must file their Residential Mortgage Loan Report for calendar year 2022 (Holden Act Report) no later than March 31. The Holden Act Report must be filed...

Purvi Patel Appointed as Deputy Commissioner for Credit Unions On Feb. 2, Purvi Patel, of Oakland, was appointed by Governor Newsom to be Deputy Commissioner for Credit Unions at the California Department of Financial Protection...

Some Escrow Reports Due Jan. 13 Escrow agents are required to submit to the Commissioner an annual report prepared by an independent certified public accountant or an independent public accountant (Financial Code section 17406)...

The CMA previously updated its members on the negative impact of the California Court of Appeals decision in the Honchariw case. In that decision, the Court of Appeals held that a lender could not charge default interest on...

New State Laws That May Affect DFPI Licensees Highlights of 2022 Chaptered Legislation, a compendium of new state laws that may affect or be of interest to DFPI licensees, is now available on the Department’s website. The...

The California Court of Appeals recently published an opinion holding prohibiting charging default interest on the entire unpaid principal balance following a monthly payment default. As you all know, default interest is...

Broker-Dealer/Investment Adviser Renewals Due Dec. 12 A reminder that 2023 registration renewal statements and fees for the Broker Dealer/Investment Adviser (BDIA) program are due by Dec. 12, 2022. All registered firms may view...

From the Desk of the CMA’s General Counsel, Robert Finlay: Default interest is a hot button for borrowers, lenders and the courts. Most courts inherently do not like default interest because they see it as an improper...