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California Regulator Name Change to Department of Financial Protection and Innovation

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

Lender/Purchaser Disclosure Statement (Sale of Existing Note)

Document Title

Lender/Purchaser Disclosure Statement (Sale of Existing Note)

Form Name

RE851B.MSC

Updated all references of "Department of Business Oversight" with "Department of Financial Protection and Innovation." The Department of Business Oversight (DBO) has been expanded and the name has been changed to the Department of Financial Protection and Innovation (DFPI). AB 1864 has an effective date of 01/01/21, but the agency is encouraging lenders to make changes now, and has updated their own website and model forms. (Date of Release to Production: 11/12/20)

Lender/Purchaser Disclosure Statement (Loan Origination)

Document Title

Lender/Purchaser Disclosure Statement (Loan Origination)

Form Name

RE851A.MSC

Updated all references of "Department of Business Oversight" with "Department of Financial Protection and Innovation." The Department of Business Oversight (DBO) has been expanded and the name has been changed to the Department of Financial Protection and Innovation (DFPI). AB 1864 has an effective date of 01/01/21, but the agency is encouraging lenders to make changes now, and has updated their own website and model forms. (Date of Release to Production: 11/12/20)

California Fair Lending Notice

Document Title

California Fair Lending Notice

Form Name

CAFLNBDOC.MSC

Updated all references of "Department of Business Oversight" with "Department of Financial Protection and Innovation." The Department of Business Oversight (DBO) has been expanded and the name has been changed to the Department of Financial Protection and Innovation (DFPI). AB 1864 has an effective date of 01/01/21, but the agency is encouraging lenders to make changes now, and has updated their own website and model forms. (Date of Release to Production: 11/12/20)

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