As previously announced, California has changed the name of their “Department of Business Oversight” to the “Department of Financial Protection and Innovation”.
Even though this change does not officially take effect under statutory law until January 1, 2021 the DBO has already embraced the name change (see https://dfpi.ca.gov/) and, in an email sent on September 30, 2020 the new DFPI stated the following:
“Licensees should begin taking steps to change the department’s name as soon as possible in any legally required disclosures, documents, and other references in printed materials and web-based information you provide to consumers, other regulators or to the general public.
We recognize that it may take some time for the name change to be reflected on all materials. The Department will not criticize the use of existing materials with ‘Department of Business Oversight’ instead of ‘Department of Financial Protection and Innovation’ while we work through this transition together. Please also note that the department’s Sacramento headquarters address has changed to 2101 Arena Boulevard, Sacramento, CA 95834. . . .” (emphasis in the original)
As a result, we will be changing references to the “Department of Business Oversight” to the “Department of Financial Protection and Innovation” on the following documents:
- CA Statement of Loan (Cx883)
- CA Fair Lending Notice (Cx991)
- CA Addendum to Uniform Residential Loan Application (Cx2796)
- CA Financing Law Statement of Loan – Brokers (Cx5188)
- CA Comparison of Sample Mortgage Features (Cx13522)
- CA Financing Law Statement of Loan – Finance Lenders (Cx14027)
- CA Fair Lending Notice (Cx16170)
- CA Spanish Loan Modification – ARM (Cx22819)
We will also be updating the address of the DFPI’s Sacramento office on the two documents within which it appears (Cx991 and Cx16170). We encourage clients who have customizations or custom documents which may reference the Department of Business Oversight or Department of Corporations to review such customizations for compliance with the upcoming changes to California’s laws.
These changes will be in effect on October 14, 2020 . Questions or concerns about these changes should be directed to Client Support at 1.800.497.3584.