Department of Corporations Releases Foreign Language Translations of Notices of Sale and Notices of Default

General information

Last year the state legislature enacted AB 1599, which requires the provision of a summarized notice of default (NOD) and notice of sale (NOS) for residential 1-4 real property in five foreign languages (Spanish, Chinese, Tagalog, Korean and Vietnamese). The Department of Corporations (DOC) was made responsible for producing the translations and making them available without charge on its website. Any mortgagee, trustee, beneficiary or authorized agent who provides the DOC’s translations is deemed to be in compliance with this requirement.

Last week, the DOC posted the translations on its website. The provisions of AB 1599 become operative as of April 1, 2013.  For your reference, please see CBA’s Regulatory Compliance Bulletin summarizing the new law.