Below you will find links to regulatory agencies as well as regulatory updates from the Department of Real Estate, the U.S. Department of Housing and Urban Development as well as others.
California Department of Corporations
(DOC)*
What is the DOC?
The DOC is California's Investment and
Financing Authority, and has exclusive authority to bring both civil and
administrative actions under the laws subject to the jurisdiction of the
DOC. The DOC licenses and regulates a variety of businesses including
securities brokers and dealers, investment advisers and financial planners,
and certain fiduciaries and lenders. The DOC also regulates the offer and
sales of securities, franchises and off-exchange commodities.
California Department of Real
Estate (DRE)*
What is the DRE?
The DRE is the California agency that
regulates real estate licensees.
"eLicensing"* - The DRE has implemented an interactive online system that allows real estate license renewals and change tranactions to be completed via the internet.For answers to frequently asked questions about eLicensing, click here. (DRE password required)
California Department of Housing and Community Development
(HCD)*
What is the HCD?
The HCD provides leadership, policies and
programs to preserve and expand safe and affordable housing opportunities
and promote strong communities for all Californians through various
programs such as the occupational licensing program, mobilehome
registration and titling, factory-built housing program, and state housing
program.
2007 HCD New Home Universal Design Checklist (Copy of AB 1400 - This law requires a developer of any new residential housing development to provide a buyer with a list of specified universal accessibility features that would make the home entrance, interior routes of travel, kitchen, and bathrooms, fully accessible to persons with disabilities.)
California State Controller's
Office (SCO)*
What is the SCO?
The SCO provides the following functions:
(1) Accounts for and control disbursement of all state funds
(2) Determines legality and accuracy of every claim against the State
(3) Issues warrants in payment of the State's bills including lottery prizes
(4) Administers the Uniform State Payroll System
(5) Audits and processes all personnel and payroll transactions for state civil service, exempt employees, state university and college system employees
(6) Responsible for auditing various state and local government programs
(7) Informs the public of the State's financial condition
(9) Administers the Unclaimed Property Law (e.g., escrow monies that escheat to the state)
(10) Informs the public of financial transactions of city, county and district governments
(11) Administers Property Tax Postponement Program.
Federal Housing
Administration (FHA)*
What is the FHA?
The FHA provides mortgage insurance on loans
made by FHA-approved lenders throughout the United States and its
territories. FHA insures mortgages on single family and multifamily homes
including manufactured homes and hospitals. It is the largest insurer of
mortgages in the world, insuring over 34 million properties since its
inceptionin 1934.
Expanding Homeownership Act of 2007* (Passed by House & Senate - 110th Congress of U.S. 9/2007 - Goal: To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes.)
FHA Mortgage Limits By Counties in California*
FHA Closing Costs: HUD Mortgagee Letter 2006-04 - 1/27/06
- FHA Has Revised Borrower's Closing Costs Removing a Major Basis for Seller's Rejections of Such Offers
Federal Trade
Commission (FTC)*
What is the FTC?
The FTC is an independent agency that
reports to Congress on its actions. When the FTC was created in 1914,
its purpose was to prevent unfair methods of competition in commerce as
part of the battle to "bust the trusts." Over the years, Congress passed
additional laws giving the agency greater authority to police
anticompetitive practices. In 1938, Congress passed the Wheeler-Lea
Amendment, which included a broad prohibition against unfair and deceptive
acts or practices. Since then, the Commission also has been directed to
administer a wide variety of other consumer protection laws, including the
Telemarketing Sales Rule, the Pay-Per-Call Rule and the Equal Credit
Opportunity Act. In 1975, Congress passed the Magnuson-Moss Act,
which gave the FTC the authority to adopt trade regulation rules that
define unfair or deceptive acts in particular industries. The FTC's work is
performed by the Bureaus of Consumer Protection, Competition and
Economics.
Free Credit Reports Under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA) (6-9-04 FACTA amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs)--Equifax, Experian, and Trans Union--provide to consumers, upon request, a free copy of their credit report once every 12 months)
FTC Issues Final Summaries and Notices Under FACTA* (11-19-04)
FTC Announces First CAN-SPAM Cases* (4-29-04)
FTC CAN-SPAM Final Rule* (eff. 3-28-05)
NAR Do-Not-Call, E-mail, Do-Not-Fax Update* (7-12-05)
Do-Not-Call Registrations Will Not Expire and Will Last Indefinitely* (6-18-08)
U. S. Department of Housing and Urban
Development (HUD)*
What is HUD?
The Department of Housing and Urban Development
Act of 1965 created HUD as a Cabinet-level agency of the U.S.
government. HUD's mission is to increase homeownership, support
community development and increase access to affordable housing free from
discrimination. To fulfill this mission, HUD will embrace high standards of
ethics, management and accountability and forge new
partnerships--particularly with faith-based and community
organizations--that leverage resources and improve HUD's ability to be
effective on the community level.
HUD Mortgagee Letter 2007-09*: This mortgagee letter provides assurances to FHA-approved mortgagees that credit reports with truncated SSNs, subject to the additional guidance in the letter, are acceptable for FHA mortgage insurance purposes.)
Freddie
Mac*
What is Freddie Mac?
"Freddie Mac" which is actually FHLMC,
Federal Home Loan Mortgage Corporation, is a stockholder-owned
corporation chartered by Congress to increase the supply of funds that
mortgage lenders, such as commercial banks, mortgage bankers, savings
institutions and credit unions, can make available to homebuyers and
multifamily investors. Freddie Mac conducts its business primarily by
buying mortgages from lenders, packaging the mortgages into securities and
selling the securities (FRE) - guaranteed by Freddie Mac - to investors.
Mortgage lenders use the proceeds from selling loans to Freddie Mac to fund
new mortgages, constantly replenishing the pool of funds available for
lending to homebuyers and apartment owners.
Single-family Uniform Mortgage Instruments* (Note: Need Acrobat Reader* to read and print forms.)
Fannie
Mae*
What is Fannie Mae?
"Fannie Mae" which is actually
FNMA, the Federal National Morgage Association, is a private,
shareholder-owned company that works to make sure mortgage money is
available for people all across America. It does not lend money
directly to home buyers but it works with lenders. Fannie Mae stock (FNM)
is actively traded on the New York Stock Exchange and other exchanges and
is part of the Standard & Poor's 500 Composite Stock Price Index.
Ginnie Mae*
What is Ginnie Mae?
"Ginnie Mae" which is actually GNMA,
Government National Mortgage Association, is a government agency
within HUD created by Congress to ensure adequate funds exclusively for
government loans insured by the Federal Housing Administration (FHA) and
guaranteed by the Department of Veterans Affairs (VA) and Veterans
Administration.
Under the Soldiers' and Sailors' Civil Relief Act, mortgage lenders are required to charge a maximum of 6 percent interest for active duty military personnel. Ginnie Mae reimburses issuers for the interest shortfall under certain circumstances.
California Office of Real Estate Appraisers (OREA)*
What is OREA?
In 1989, Title XI of the federal Financial
Institutions Reform, Recovery and Enforcement Act was adopted by congress
mandating states to license and certify real estate appraisers who appraise
property for federally related transactions. The federal law was
enacted as a result of the savings and loan disaster. In response to the
federal mandate, the Real Estate Appraisers Licensing and Certification Law
was enacted by the California Legislature in 1990. OREA was established
within the Business, Transportation and Housing Agency, and charged with
developing and implementing a real estate appraiser licensing and
certification program compliant with the federal mandate. To date, OREA has
received over 25,000 applications and has licensed over 18,000 real estate
appraisers. OREA, which is entirely funded by licensing fees, is a
single program comprised of two core components, licensing and enforcement.
U. S. Consumer Product Safety Commission (
CPSC)
What is the CPSC?
The U.S. Consumer Product Safety
Commission is charged with protecting the public from unreasonable risks of
serious injury or death from more than 15,000 types of consumer products
under the agency's jurisdiction. Some of these products are
real estate related and impact homeowners.
2008 CPSC Safety Alerts:
Propane Gas Fireplace Inserts Recalled Due to Laceration Hazards* (12/11/08)
GE Recalls to Inspect and Repair Wall Ovens Due to Fire and Burn Hazards* (11/18/08)
Countertop Water Dispensers Recalled by Greenway Home Products Due to Fire and Shock Hazards* (8/28/08)
Indoor Lighting Fixtures Recalled by Lithonia Lighting Due to Impact Hazard* (8/27/08)
Venmar CES Inc. Recalls Heat Recovery Ventilators Due to Fire Hazard* (8/20/08)
Recall of Gas Grills Sold at Lowe's Stores* (8/7/08)
American Flame Recalls Fireplaces to Replace Gas Valves Due to Fire and Explosion Hazards* (5/21/08)
Broil King Gas Grills Recalled Due to Fire and Burn Hazards* (5/5/08)
Gas Water Heaters Recalled Due to Fire and Carbon Monoxide Hazards* (4/3/08)
Electronic Spa Controls Used on Serenity Spas Recalled Due to Fire Hazard* (4/1/08)
LDR Industries Recalls Gas Connectors Due to Fire and Explosion Hazards* (3/4/08)
Rinnai Recalls Wall Furnaces Due to Carbon Monoxide Hazard* (2/21/08)
For any questions regarding this web page, please contact the Legal Editor, Sonia M. Younglove. Please be sure to include your full name, office, and your member number in your e-mail.
* DISCLAIMER: The California Association of REALTORS® uses links to other websites in an effort to assist users in locating information on topics that might be of interestto them. The links to these websites are provided as a courtesy to our members. These links are NOT maintained by C.A.R. and C.A.R. cannot be responsible for their information content or their maintenance. Furthermore, linking to a website does not constitute an endorsement by C.A.R. or any of its employees of the sponsors of the website or the products presented on the website. Revised 11-24-08.
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