November 29, 2020

Volume X, Number 334

Advertisement

Commissioner of California Department of Business Oversight Issues Order on Designated Point of Contact for Delivery of Emails

The Commissioner of the California Department of Business Oversight on November 22 issued an order directing all DBO licensees (which would include California Finance Lender licensees and residential mortgage lender licensees, among others) to designate a single standard email address for Department communications.

The purpose of the order is to create rapid, direct communication to a dedicated email account for DBO licensed businesses to receive vital and time sensitive information, such as Commissioner’s Orders, consumer complaint filings, bulletins and other pertinent information.  The email account must be monitored daily by members of the licensee’s executive staff to ensure prompt attention be paid to electronic communications from the Commissioner and the DBO.  The email account must be established on or before January 4, 2014.

Registration of designated email addresses are to be done through the DBO’s online secure portal.  Licensees can access the portal and register an email using the login information provided in the November 25/26, 2013 letter from the Commissioner.  Additional information regarding the online registration of a designated email address can be found on the DBO’s website.

Licensees of the DBO’s Division of Financial Institutions that have previously established a designated electronic mailbox pursuant to the Order on Electronic Communications dated July 15, 2010 are not required to modify their electronic mailbox address, but are required to maintain the designated electronic mailbox and must update their electronic mail security settings as necessary to ensure messages from the DBO are received.

Mortgage loan originators licensed by the DBO will have the email they registered with NMLS automatically designated for communications with the DBO.

Copyright © 2020, Sheppard Mullin Richter & Hampton LLP.National Law Review, Volume III, Number 356
Advertisement

TRENDING LEGAL ANALYSIS

Advertisement
Advertisement

About this Author

Sherwin Root Corporate Attorney Sheppard Mullin Los Angeles
Attorney

Mr. Root is a senior attorney in the Corporate Practice Group in the firm's Los Angeles office.

Practice Areas

Mr. Root handles transactions and regulatory issues for clients in the financial services industry, including banks, thrifts, and mortgage banking companies, and general corporate matters.  He is a former Senior Counsel at Home Savings of America, FSB, where he was the primary attorney responsible for legal matters relating to residential lending.

213-617-5465
Advertisement
Advertisement