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Does the new California Department of Corporations ruling affect you?

A new ruling by the California Department of Corporations may change your ability to do Private Placements. If you service loans or run a mortgage pool, read on.

Sept. 4, 2012 - PRLog -- If you are currently selling interests in pools to private investors, some of the provisions of the new regulation will affect any sale to an investor after the effective date of the new regulation, August 27th, 2012.

Section 260.204.9 of the Regulations under the Corporate Securitas Act of 1968 set forth in Chapter 3, Title 10, California Code of Regulations:

This change affects PRIMARILY any entity that is selling interests in pools of loans, whether they be licensed as Real Estate Brokers, Consumer Finance Lenders or any other license, that have relied upon the PRIVATE PLACEMENT EXEMPTION in California Corporations Code Section25102 (f) and similar exemptions.  It also applies to those who have sought exemption from qualification by use of the SEC Regulation D procedure.

This change DOES NOT AFFECT the California real estate broker making or arranging loans sold to one to ten lenders pursuant to the Real estate law.

Read the full article: http://www.mortcare.com/news/CA-doc-ruling.html

Mortgage+Care is a Seamless Family of Loan Origination and Loan Servicing Software Products. Call us today and let us show you why Mortgage+Care is the #1 mortgage servicing software on the market!  http://www.mortcare.com


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Contact Email:
***@mortcare.com Email Verified
Source:Mitch Feinstein, Esq.
Location:San Juan Capistrano - California - United States
Industry:Mortgage Software
Tags:Private Placements, Private Fund Adviser Exemption, Loan Servicing Software, Mortgage Software
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