Earlier this year, the California legislature enacted the Consumer Financial Protection Law (“CFPL”), under Assembly Bill 1864. The law expands the powers of the Department of Business Oversight and includes a name change for the regulator to the Department of Financial Protection and Innovation. DocMagic’s previous announcement regarding the new law is available here.
Though the CFPL does not take effect until January 1, 2021, the Department of Business Oversight has already adopted the new name and has made updates to their website and model forms to reflect the change. Licensees have been advised to begin taking steps to update legally required disclosures.
Accordingly, on November 12, 2020, DocMagic is updating the following disclosures to reference the “Department of Financial Protection and Innovation” instead of the “Department of Business Oversight”:
DocMagic Form ID
Description
CAFLNB.MSC
California Fair Lending Notice
CASMF.MSC
California Comparison of Sample Mortgage Features
CAFLLSLL.MSC
California Financing Statement of Loan (Lender)
CAFLLSL.MSC
California Financing Statement of Loan (Broker)
RE851A.MSC
Lender/Purchaser Disclosure Statement (Loan Origination)
RE851B.MSC
Lender/Purchaser Disclosure Statement (Sale of Existing Note)
DocMagic recommends that clients review applicable custom disclosures for California and request any necessary changes required prior to the January 1, 2021 effective date. Should you have any questions about the content of this article, please contact DocMagic’s Compliance Department.
