A New Sheriff In Town During the last few years CFPB has been more concerned with education and resources for consumers, unlike the previous regime under Richard Cordray. There is a new JEFE MASCULINO. Or, I might say, a new sheriff in town. Name: Rohit Chopra. He was formerly at this agency as an Assistant […]
DRE Regulation Amendments A recent pronouncement from the Department of Real Estate stated that some amendments were coming to our DRE Regulations because of bill AB 2884. Can’t be too earth shattering because no public hearing is scheduled, and if you want to make any written comments, make them before 1700 Hours on 9/8/2021. Responsible […]
DFPI It is the Department of Financial Protection and Innovation. The name became official on September 29, 2020. Before that date it was known as the Department of Business Oversight. That name was adopted on July 1, 2013 when the Department of Corporations and the Department of Financial Institutions were merged. “A rose by any […]
DRE wants to remind licensees about the important California laws intended to address housing discrimination. Must be important because DRE has issued only one other alert in the past 19 months. The laws that they are addressing include the Unruh Civil Rights Act, FEHA, and Holden. They also reference Commissioner’s Regulation 2780, panic selling and […]
Unlicensed Fictitious Business Names Summer Goralik is very experienced in the field of DRE Compliance. Her resume includes several years at DRE as an investigator and author. Realty Times has posted an interview featuring Summer and the famous Terri Murphy. It discusses problems that can arise with the use of “unlicensed fictitious business names”. It […]
SCOTUS Case Pending Many of you might have heard that there was a case pending before SCOTUS concerning whether the Consumer Financial Protection Bureau was unconstitutional. This is their decision. A couple of my comments follow. This case was started by a law firm, Seila Law, in Orange, CA. The CFPB wanted to investigate them […]
Department of Business Oversight Insights Let’s not forget all the important information published by our own Department of Business Oversight. Some fine questions on financial relief are listed there. For more information see DBO Coronavirus Updates.
Trust Fund Management In my real estate classes I ask a question and many licensees do not know the correct answer. Ready? What is a worse crime in Trust Fund Management? Commingling or Conversion. They answer commingling because licensees are taught from their first class, never mix your personal funds with trust funds. Conversion according […]