Featured Links
- California Business Portal
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- Proposition 1C - Housing
- Goods Movement Action Plan
- Jobs and the Economy
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Highlights
- CTC Approves Landmark $3 Billion Goods Movement Program
- Work Zone Awareness Week in California
- Governor Schwarzenegger Continues Push for Congressional Leaders to Permanently Raise Federal Home Loan Limits
- Secretary Bonner Congratulates Broadband Task Force on Receiving CENIC 2008 Innovations in Networking Award
- Governor Announces $10.5 Million to Train Workers Displaced by Housing Slump
- Governor Schwarzenegger Announces $8 Million Grant to Expand Counseling Services to Homeowners at Risk of Foreclosure
- Governor Announces Actions to Jump Start California's Economy through Job Creation, Offset Housing Slump
- Governor Announces Distribution of Proposition 1C Funds for Affordable Housing
Departments
Preston DuFauchard
Commissioner
Department of Corporations
For more information about DOC and its programs, go to www.corp.ca.gov.
Responsibilities and accomplishments include:
Enforcing the state's laws for financial companies and professionals:
- Increased administrative, civil and criminal actions by 60 percent in 2005 from 2004.
- Identified unauthorized and illegal charges by mortgage bankers and financial lenders, resulting in required refunds exceeding $18 million to more than 20,000 consumers - more than a 300 percent increase from 2004.
- Strengthened alliances in 2005 with prosecutorial agencies including the California District Attorneys, the Attorney General Special Crimes Unit, and the Office of the U.S. Attorney resulting in a substantial increase in criminal prosecutions.
Educating consumers on fraudulent financial schemes:
- Provided ongoing education in 2005 for 51,000 seniors at more than 440 events through DOC's Seniors Against Investment Fraud (SAIF) program, which provides seniors with consumer protection information to avoid financial schemes and fraud.
- Launched Troops Against Predatory Scams (TAPS) program for military servicemembers and ethnic community outreach events to Korean-Americans and Chinese-Americans to combat financial scams.
- Worked collaboratively with the state Department of Real Estate, Department of Financial Institutions and the Office of Real Estate Appraisers to establish a central license-information Web page to improve client service for all respective organizations.
Streamlining the license application process for financial businesses and professionals:
- Generated jobs by licensing securities broker/dealers and agents, investment advisers and financial planners, independent escrow agents, consumer and commercial finance lenders, residential mortgage lenders or mortgage bankers, and payday lenders.
- Reduced the processing time to license branch offices of finance companies from an average of 120 days to 10 days.
- Issued more than 2,000 California finance lender licenses in 2005, an increase of 25 percent from 2004.
- Received Award for Distinguished Contributions and Service to the Franchising Community from the American Association of Franchisees and Dealers.
The state Department of Corporations (DOC) helps to support financial markets through its licensing, regulation, and enforcement of 283,000 corporations, businesses, and financial services professionals. The self-funded DOC also approves the sales of securities and franchises.
"The Department of Corporations is committed to improving the financial services marketplace in California, for consumers and businesses alike," said DOC Commissioner Preston DuFauchard. "DOC has taken steps to improve communications with its licensees and consumers, making for a more open regulatory dialogue. The goal is to increase awareness and transparency for financial transactions, which will create a better sense of security and stability for all."