California Code of Regulations
Title 10 - Investment
Chapter 6 - Real Estate Commissioner
Article 16.5 - California Foreclosure Prevention Act
Subarticle 2 - Application
Section 2850.7 - Initial Application

Universal Citation: 10 CA Code of Regs 2850.7

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

An applicant shall be temporarily exempt from subdivision (a) of Civil Code Section 2923.52 upon the filing of the exemption application set forth in this rule, provided that the application is accepted by the Commissioner as substantially complete.

1. Where to File

(a) Applicants licensed by the Department of Corporations under either the California Finance Lenders Law or the California Residential Mortgage Lending Act, and any other entities servicing residential mortgage loans that are not described in subparagraphs (b) and (c), shall file their application with the Department of Corporations at the following address:

FORECLOSURE EXEMPTIONS -- DEPARTMENT OF CORPORATIONS

320 WEST 4TH STREET, SUITE 750

LOS ANGELES, CA 90013-2344

Applications not filed by mail may be delivered to any of the Department of Corporations' locations.

Alternatively, applications may be submitted to the Department of Corporations through any electronic means that may be made available by the department at its Internet website (www.corp.ca.gov)

(b) Commercial or industrial banks, savings associations, or credit unions organized in this state shall file their application with the Department of Financial Institutions at the following address (for purposes of this regulation, the phrase "organized in this state" means institutions headquartered in this state):

FORECLOSURE EXEMPTIONS -- DEPARTMENT OF FINANCIAL INSTITUTIONS

1810 -- 13TH STREET

SACRAMENTO, CALIFORNIA 95811-7118

Applications may be submitted by electronic mail to foreclosures@ dfi.ca.gov.

(c) Applicants licensed by the Department of Real Estate under the Real Estate Law shall file their application with the Department of Real Estate at the following address:

FORECLOSURE EXEMPTIONS -- DEPARTMENT OF REAL ESTATE

P.O. BOX 187007

SACRAMENTO, CA 95818-7007

Applications may be submitted by electronic mail to foreclosures@ dre.ca.gov.

The inadvertent filing of an application with the incorrect department will not constitute grounds for denial of the application.

2. When to File

An applicant may file an application at any time. An applicant will be temporarily exempt from subdivision (a) of Civil Code Section 2923.52 upon the receipt of the exemption application by the appropriate Department as noted above. An application received before the operative date of Civil Code Section 2923.52 shall be deemed received upon the operative date of that section, for purposes of the temporary order under subdivision (b)(2) of Civil Code Section 2923.53.

3. Temporary Order

Upon the latter of the date of receipt of an application or the operative date of Civil Code Section 2923.52, the Department will immediately notify a servicer electronically of the issuance of a Temporary Order exempting the servicer from the requirements of subdivision (a) of Civil Code Section 2923.52. The Department will identify the servicer as having a Temporary Order on the Department's website, and mail a Temporary Order to the servicer.

4. Final Order

Within 30 days of the latter of the date of receipt of an application or the operative date of Civil Code Section 2923.52, the Department will notify the servicer of whether the servicer has a comprehensive loan modification program that meets the requirements of Civil Code Section 2923.53. Upon a finding that the loan modification program meets the requirements of that section, the Commissioner shall issue a Final Order, and shall immediately notify the servicer of the final order.

5. Denial of Application

If the Commissioner denies the exemption application, the Department shall immediately notify the servicer. The Temporary Order shall remain in effect for 30 days after the date of denial. A servicer may submit a revised application before or after the denial of an application. A revised application will not alter or delay the expiration of the Temporary Order. Upon the expiration of the Temporary Order, a servicer shall comply with subdivision (a) of Civil Code Section 2923.52.

6. Changes to Application

The Department will accept changes to an application while the application is under consideration. However, the Temporary Order may not be extended.

1. New subarticle 2 (sections 2850.7-2850.8) and section filed 6-1-2009 as an emergency; operative 6-1-2009 (Register 2009, No. 23). A Certificate of Compliance must be transmitted to OAL by 11-30-2009 or emergency language will be repealed by operation of law on the following day.
2. New subarticle 2 (sections 2850.7-2850.8) and section refiled 12-1-2009 as an emergency; operative 12-1-2009 (Register 2009, No. 49). A Certificate of Compliance must be transmitted to OAL by 3-1-2010 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 12-1-2009 order transmitted to OAL 2-22-2010 and filed 4-6-2010 (Register 2010, No. 15).

Note: Authority cited: Section 2923.53(d), Civil Code. Reference: Sections 2923.52 and 2923.53, Civil Code.

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