Bringing California Law Into Focus
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The DBO Opens a Second Period Ending September 9, 2019, for Public Comment on the New Disclosure Laws Relating to Commercial Financing.
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The California Department of Business Oversight ("DBO") has now asked the public to submit a second round of comments regarding Senate Bill 1235, which requires that lenders disclose certain information to borrowers when they provide commercial financing. T
he deadline for the comments is September 9, 2019. We receive many questions about how the process works and when the new law requiring disclosures will go into effect. As such, we will be posting a number of blogs on our website and including them in our newsletters that explain the procedures the regulators must follow. For now, don't worry, the new regulations will not become effective by January 1, 2020.
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(Selected for Inclusion in 2020 SuperLawyers Magazine-11th consecutive year)
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An Introduction To State Agencies & Rulemaking
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Lawmakers primarily formulate, sponsor, and enact legislation to meet the needs of voters. Any law should improve the health, safety, and welfare of all. When legislators create new laws or amend statutes governing existing programs, they typically defer the implementation of the statute and adoption of regulations to the agency administering the program.
Legislators mostly pass bills that address issues and solve problems. Legislation may have many purposes; it may: regulate; authorize; declare; grant; outlaw; provide; sanction; or restrict.
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State Of California Must Repay Homeowners For Misuse Of $331 Million
After the California Supreme Court refused in July to hear the appeal of Gov. Gavin Newsom’s administration, it is now clear that the State of California must use proceeds awarded in a lawsuit to aid California homeowners adversely affected by the mortgage crisis of the last decade. The state’s highest court reaffirmed the order of a California appeals court to repay the proceeds, which total $331 million.
In 2012, California and 49 states agreed to a settlement with the five largest U.S. mortgage servicers: Ally (formerly known as GMAC), Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo. The lawsuit contained countless allegations of federal law violations and was settled with $20 billion paid to homeowners affected by the mortgage crisis. The states also received a total of $2.5 billion.
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Public Comments On SB 1235 Due September 9
In 2018, SB 1235 was signed into law by Governor Brown. The bill requires that lenders disclose certain information to borrowers when they provide commercial financing. Under the bill, the California Department of Business Oversight (DBO) must adopt a variety of appropriate regulations, including those that govern the types of disclosures to which SB 1235 applies. The DBO has now, for a second time, asked the public to submit comments regarding SB 1235. The DBO carefully reviews all comments it receives and drafts regulations that are proposed for adoption through the rulemaking process. More about this rulemaking process in later blogs.
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Since its inception in 1986, Glass & Goldberg has earned an unparalleled reputation in both litigation and transactional matters in the areas of commercial finance law, regulatory compliance with lender licensing, corporate restructuring, equipment leasing, secured and unsecured transactions, creditor rights, business litigation, real estate, commercial mortgage back securities and insolvency law. Glass & Goldberg specializes in the representation of creditors, businesses and real estate owners, including major banks, equipment lessors, vehicle lessors, credit and capital corporations, factors, finance companies, thrifts and other funding sources and lenders.
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