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Revised Release No 58-FS
 
 
Type:
Notice
Type Detail:
Other Guidance
Publish Date:
May 03, 2017
Effective Date:
May 03, 2017
Source:
Source   
Type:
Notice
Type Detail:
Other Guidance
Publish Date:
May 03, 2017
Effective Date:
May 03, 2017
Source:
Source   
 

Since the federal adoption of the TILA-RESPA Integrated Disclosure rule, the Commissioner of Business Oversight has received requests from licensed mortgage lenders for additional guidance regarding compliance with California’s per diem interest statute (Civil Code section 2948.5). To assist licensees with compliance for purposes of regulatory compliance examinations administered by the Department of Business Oversight, the Commissioner is issuing revised Release No. 58-FS, entitled “Evidence of Compliance with Financial Code section 50204, Subdivision (o): Per Diem Interest.” The revised release is intended to assist licensees in identifying what other documents, records, information, data, or other forms of verification contained in loan files could serve as evidence of a licensee’s compliance with the per diem statute during a routine regulatory examination by the Department of Business Oversight.

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