Posted by John Merchant on October 12, 2009 at 08:16:43:
D Butler’s nailed it again, as usual, and his response and references here are must-reads for the CA note finder.
He’s oh-so-right about every clerk in the courthouse “knowing” the law, but rarely being right or knowing what the he** they’re talking about.
Unfortunately that goes on in every state, not limited to CA. Ain’t it amazing how ignorance abounds and expands to fill any empty space in those heads?
One update fbo all…these days when one needs good and comprehensive update on law on some/any legal topic, the larger county & all law school law libraries offer Lexis* (or Westlaw, a competing service), an online law briefing service, to any library user/reader.
When asked, one of the librarians will turn on Lexis/Westlaw for you on one of their PCs and help you frame your topic…then you’ll get today’s law nationwide on the topic, with every printed statute and law and every reported court decision from every US jurisdiction up to that minute.
You’ll be charged a few cents per page printed for you but you’ll have what any lawyer would have charged you plenty to do for you.
*I just looked up the correct spelling and mean the version you read,not drive ;),
In doing deal search for a group of Investors for MultiFamily Units, I’m running into note holders. Having inquired about taking some kind of note course, I’m getting conflicting info regarding the state of CA required licensing for Note Brokers. What I want to do is wholesale notes to investors, do I need a license for that & if so what does that look like? Would I have to work under the supervision of a Broker and does that mean I’d have to work in his/her office? Also where can I go to verify this what regulating agency?
Thanks so much,
Kathy Kritikos
Re: Licensing for CA Note Brokers? - Posted by David Butler
Posted by David Butler on July 13, 2009 at 11:44:04:
Hello Kathy,
Sorry I wasn’t able to respond to your email prior to this. I spotted your post here asking similar questions late Saturday, and now have a few moments here this morning to address them, so hope you don’t mind my responding here instead.
There is indeed a lot of misinformation floating around with regard to California’s laws on the subject, and unfortunately, DRE’s own website contributes a great deal to this misinformation.
However, we have several detailed posts through the years that offer specific and clear guidance with regard to California’s regulations. Here are perhaps the most “on-point” of these, and the links to them.
It is worth noting BTW that in the summer of 2005, we had occasion to use a large Los Angeles law firm to research on several topics to confirm some things, of which parts of B&P Sec. 10131 were in the equation. So… as part of that process, we had them also revisit the topic of your questions here. Interestingly enough, their legal brief came back almost word for word what is included in the first two posts suggested above. I’ve not had occasion to investigate whether anything has changed since the fall of 2005 in that regard. Fortunately, it is a fairly easy thing to check, by following the steps suggested in one of the posts above with regard to simply reading and understanding the full scope of 10131 “Annotated”, as it relates to licensing, and note brokering.
Hope that helps, and happy hunting.
David P. Butler
National Equity Solution
Hotspur Investment Group