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The Department of Financial Protection and Innovation has a long history, dating back to the formation of California's first banking department. It became the DFPI in 2020 with the passage of the California Consumer Financial Protection Law (CCFPL). [2] Formation of State Banking Department (1909) and State Corporations Department (1913)
A deed of trust refers to a type of legal instrument which is used to create a security interest in real property and real estate. In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee , who holds the property as security for a loan ( debt ) from the lender to the borrower.
A real estate license must be obtained from the DRE in order to engage in the real estate business and to act in the capacity of a real estate broker or salesperson within the State of California. Before applying for a license, all education and experience requirements mandated by the Department must be fulfilled. [6]
A deed of trust is a legal agreement used in a real estate transaction in which a third party — the trustee — holds the title to the property until the borrower repays the mortgage in full ...
California Bank & Trust (CB&T) is a full-service bank specializing in consumer, commercial and wealth management services headquartered in San Diego, California. With more than 80 branches located across California and assets totaling about $91 billion, CB&T is a subsidiary of Zions Bancorporation , one of the nation's top 50 bank holding ...
A real estate mortgage investment conduit (REMIC) is "an entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors" under U.S. Federal income tax law and is "treated like a partnership for Federal income tax purposes with its income passed through to its interest holders".
FBO is an abbreviation for the common term “for the benefit of” and it is often used in estate planning. In a trust, the term conveys ownership and value to the trustee. The FBO legal language ...
As one source puts it, "[i]n a pejorative sense, commingling is the special vice of fiduciaries (trustee, agents, lawyers, etc.) in failing to keep a beneficiary's money separate from the fiduciary's own money". [1] Commingling is particularly an issue in case of bankruptcy of the fiduciary. Funds held in care are not the fiduciary's property ...