Posts Tagged ‘ SB 978 ’

New CMA Webinar Aids Brokers in Safely Navigating SB 978 Regulations


California Mortgage Association presents: New DRE Investor Questionnaire,
 Revised LPDS, and other SB 978 Issues: A Webinar for Mortgage Brokers DATE: December 18, 2012 TIME: 10:00 a.m. to 11:30 a.m. DETAILS: This webinar will provide an overview of the new DRE Investor Questionnaire, LPDS, and other aspects of SB 978 which are effective as of January 1, 2013; including: Changes needed to your operations Completing the new Investor Questionnaire safe harbor investment disclosure form Changes to Article 5 & 6 Changes to the Lender/Purchaser Disclosure Statement (LPDS) Other SB 978 issues PRESENTERS: Mitch Feinstein, Law Offices of N. Mitchell Feinstein & Glenn Goldan, President, ReProp Financial FEE: *THIS...

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Update, Reaction, and Analysis Regarding Suitability and SB 978

N. Mitchell Feinstein, Esq.

By N. Mitchell Feinstein, Esq. In a previous post, I had discussed the probable passage of legislation in California to require real estate brokers to determine that trust deed investments offered to the public were appropriate for an investor.  The bill, SB 978, is still wending its way through the labyrinth known as the legislative process. The reaction from members of  the industry with whom I have discussed the prospect of obtaining and reviewing prospective investor information has ranged from unabashed pleasure (“I have been doing this for years, and getting this information has saved me in expensive litigation several times!”) to concern that there is no...

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California Legislature Moves to Impose Due Diligence Standards on Brokers

California Capitol Building

By N. Mitchell Feinstein, Esq. An analysis of new legislation that will require brokers to qualify their investors before taking their money. Read on to learn more about what changes to expect and how you can access new tools to protect yourself and your business now. Please be sure to take advantage of the free offer located at the bottom of this message. For at least ten years I have been preaching to the mortgage brokerage industry that every day the members were acting less like real estate brokers and more like securities dealers.  My diatribe goes back to my being a member of the committee—appointed by...

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