A Job Well Done

Yesterday, I received word that Commissioner Preston DuFauchard plans to leave at the end of this year. Former Governor Arnold Schwarzenegger appointed Preston in June 2006 and he continued to serve under Governor Jerry Brown. Notably, Preston’s service began before the collapse of the economy and the ensuing turmoil in the mortgage lending industry. Many securities lawyers may not realize that the Commissioner has significant regulatory responsibility with respect to California’s lending laws. The Department of Corporations administers and enforces both the California Finance Lenders Law (Financial Code § 22000 et seq.) and that California Residential Mortgage Lending Act (Financial Code § 50000 et seq.). I’m sure that Preston’s background in the financial services industry served him well as he steered the Department through some tough economic times. I’m sure that the securities and the financial services bars join me in congratulating Preston for a job well done and in thanking him for his service to the state.