May 15, 2009
California Department of Financial Institutions Notice of Emergency Regulatory Action
The Commissioner of Financial Institutions (Commissioner) will file emergency regulation for the adoption of Subchapter 4, entitled, "The California Foreclosure Prevention Act." to Title 10, Chapter 1, of the California Code of Regulations. These emergency regulations clarify the application of Sections 2923.52 and 2923.53 of the Civil Code under the California Foreclosure Prevention Act ("CFPA", Civil Code Sec. 2923.52 et seq.), as enacted by ABX2 7 (Lieu, Ch. 5, Stats. 2009) and ABX2 7 (Corbett, Ch. 4, Stats. 2009) during the second extraordinary legislative session.
Government Code Section 11346.1(a)(2) requires that, at least five working days prior to submission of the proposed emergency action to the Office of Administrative Law (OAL), the adopting agency provide a notice of the proposed emergency action to every person who has filed a request for notice of regulatory action with the agency. Please see the attached Notice of Emergency Action for further details. In addition, attached to this e-mail is the specific regulatory language of the proposed emergency action and the Finding of Emergency by the Department of Financial Institutions.