Posts Tagged ‘ Guy Puccio ’

Action by Governor Brown Threatens Extinction of Mortgage Brokers

In his most recent Budget Proposal, Governor Brown has included plans to consolidate all businesses in the financial industry under one head. He proposes the elimination of the Department of Real Estate and the Office of Real Estate Appraisers and placing jurisdiction of these licensees under the Department of Consumer Affairs. At the same time the Department of Corporations and the Department of Financial Institutions will be merged into one new entity called the Department of Business Oversight. It seems that the Governor wants the consumer groups to limit the operations of the mortgage brokers, and the regulators of the big banks to regulate all the lenders...

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Legislative UPDATE: Summaries of Bills Chaptered By the California Secretary of State

Legislative UPDATE: Summaries of Bills Chaptered By the California Secretary of State

The source for the following summaries is the Legislative Digest for each bill. Click the bill titles to download the full text PDFs. As of today, the following measures have been Chaptered: SB 4 (Calderon and Vargas) Mortgages. Requires the notice of sale, given pursuant to a deed of trust or mortgage secured by real property containing from 1 to 4 single-family residences, contain language notifying potential bidders of specified risks involved in bidding on property at a trustee’s sale, and a notice to the property owner informing the owner about how to obtain information regarding any postponement of the sale. Requires a good faith effort to...

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Independent Contractor Relationships Are Now More Dangerous to Establish or Maintain

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By Guy Puccio Two measures regarding independent contractor relationships were just enacted into law by the California Legislature. These legislative measures signed by Governor Brown are AB 1396 (Committee on Labor and Employment) and SB 459 (Corbett). Effective January 1, 2013, AB 1396 requires whenever an employer enters into a contract of employment for services to be rendered within this state and the contemplated method of payment involves commissions (as defined), the contract is to be in writing and is to include the method by which the commissions are to be computed and paid. This measure amends Section 2751 and repeals 2752 of the Labor Code. The...

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Summaries of California Mortgage Industry Bills Currently Enrolled or Signed

California Capitol Building

These bills are complex and each covers more than more than one subject—an apparent new trend in Federal and State legislation. We are not addressing herein the list of measures that remain in committee or on the floor, as some of them may die and others may become two-year bills. The source for the following summaries is the Legislative Digest for each bill. Click the bill titles to download the full text PDFs. The following measures have been Enrolled, awaiting the Governor’s action: SB 6 (Calderon and Vargas) Real Estate: appraisal and valuation. Prohibits a licensee from knowingly or intentionally misrepresenting the value of real property. Prohibits...

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Agency Relationships Are Material Facts

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By S. Guy Puccio The agency relationships intended among principals and real estate and mortgage brokers are material facts. Regardless of whether it is a dual agency, a bifurcated agency, or an agency relationship with one party leaving the other unrepresented, it is a material fact to be disclosed at the outset or when the relationship becomes more than casual. See, Business and Professions Code Sections 10176(a) and (d), Civil Code Sections 2079.13 et seq., 2295 et seq., and 2923.1 and Huijers v. DeMarrais (1992) 11 Cal.App.4th 676. The obligation to disclose agency relationships in commercial transactions exists notwithstanding the typical interpretation that Civil Code Section 2079.13...

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Next Make More Money Now Workshop plus Q & A: October 22

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Make More Money Now – Extended Workshop Featuring 3 Wise Men Q&A San Francisco/Oakland Bay Area October 22, 2011 In today’s difficult legislative and economic environment, wouldn’t you like to acquire new and creative ways to do business that will increase your bottom line? How about a personalized Q&A session with three of the most experienced and knowledgeable veterans of the mortgage lending industry whose goal is to help you not only understand and comply with new laws but also increase your income as a result of this understanding? Our next Make More Money Now workshop offers two information-packed sessions full of tools and advice to help...

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Regulatory Overload Requires Knowledgeable Consultants Now More than Ever

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By Guy Puccio The greatest recession ever experienced has facilitated an overwhelming amount of new statues and regulations. These new rules are promoted by those who believe expanding federal government control is the solution to prevent a future economic crisis. Much of this regulatory overload affects the financial services industry. For example, the “Dodd-Frank Act” is approximately 2000 pages of legislation—including trailer bills—with an additional 6000 pages expected in implementing rules and regulations. If you run a small-to-moderate size business, do you have the tools or the time to absorb and apply this sea change without the assistance of knowledgeable consultants? Consider the following: The Board of...

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Mortgage Brokers: Make More Money Now

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Are you feeling stuck competing for the same commercial loans everybody else is trying to find? Do the new State and Federal Laws affecting all mortgages (even non-owner-occupied business-purposed and commercial mortgages) have you hamstrung? Does the combination of stressors have you considering shutting down your business? Sign up now to attend our next workshop! The 3 Wisemen presents MAKE MORE MONEY NOW How to protect your business and earn more money in this tough economy Access new creative ways to do business AND key  information that will help you ensure you don’t run afoul of all the new laws. Get the answers, advice, approaches and procedures...

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