On July 3, 2012, Governor Edmund G. Brown’s (D) Reorganization Plan, which consolidates several California state agencies, was approved by the California legislature. Among other provisions of this plan, the Department of Corporations (DOC) and the Department of Financial Institutions (DFI) are merged (and transformed into Divisions) into a new Department of Business Oversight (DBO), effective July 1, 2013.
In an email sent to licensees governed by the DOC dated June 27, 2013, Commissioner Jan Lynn Owen informed licensees that “The Department of Business Oversight should be referenced in all documents and disclosure as of July 1, 2013.”
Pursuant to this directive, we will be replacing references to the DOC and the DFI with the DBO on the following documents:
CA Fair Lending Notice (Cx991)
ECOA Notice (Cx1413)
CA Fair Lending Notice Office of Thrift Supervision (Cx2802)
CA Finance Lenders Law Statement of Loan – Brokers (Cx5188)
Fair Lending Notice (Cx11475)
CA Comparison of Sample Mortgage Features (Cx13522)
CA Finance Lenders Law Statement of Loan – Finance Lenders (Cx14027)
CA Comparison of Sample Mortgage Features (Cx15116)
CA Fair Lending Notice (Cx16170)
In regards to the Fair Lending Notice, the addresses to the two soon-to-be former Departments will continue to print as they are now (until further notice), since these addresses are being subsumed by the DBO.
This change will take effect on July 1, 2013. Should your company have any concerns or issues about this change, please contact your Account Manager or Client Support (1.800.497.3584).
June 28, 2013