b'Points of Interest is published by the California Mortgage Association, a voluntary trade association serving California mortgage and trust deed brokers and lenders.2019-2020 BOARD OF DIRECTORSDavid HerzerPresidentInside This IssueHerzer Financial Services, Inc.Elizabeth KnightVice PresidentPLM Lender Services From the President .2Richard WachterSecretaryWachter Investments, Inc.From the Editor . 3Michelle RodriguezTreasurerWoodland Hills Mortgage Corp.Mark ForbesImmediate Past President Sacramento Summary .5F.E. Forbes Company, Inc. Steve BellevilleReal Estate Lending Group, Inc. Consumer Laws that Apply to Noah FurieBudget Mortgage Corporation Business Purpose Loans 6Glenn GoldanReProp FinancialDonald HerbertPrivate Funding Solutions, Inc.Joffrey LongSouthwestern Mortgage Fall Seminar in Las Vegas 13Sandy MacDougallVintage Mortgage, Inc.Odell MurryMAI Financial Services, Inc.Stephen PollackAnchor Loans, Inc. Thank You Summer & Annual Sponsors! . 22Lori RandichRedwood Mortgage CorporationStephen RexrodeCushman Rexrode Capital CorporationPam SosaStandard Mortgage Financial Services, Inc. Pictures From the Summer Seminar 23Shafiq TaymureeStonecrestRichard TemmeR.C. Temme CorporationSummer Seminar Exhibitors 252520 Venture Oaks Way, Suite 150Sacramento, CA 95833(916) 239-4080phone(916) 924-7323fax PAC Contributors 28cma@camgmt.comwww.californiamortgageassociation.comTrust Deed v. Fund Investments CMA HEADQUARTERS STAFF Securities Exemption in Private Lending .31Jennifer Blevins, CMP Michael CochranDirector of Management Services Webmaster / IT ManagerTeresa Excinia, MBA Stephanie Schoen Rental Income: Passive v. Non-Passive 35Executive Director Special ProjectsJohn Berkowitz Tricia Schrum, CPAPublications Director Accounting Social Media Posting Plan & Tips 38Jen Gross, CMP Natalie SinclairMeeting Planner Special ProjectsStricktly Strickland 41Michael Arnold & Michael Belote, Esq.Legislative AdvocatesK. Bradley Rogerson, Esq.T. Robert Finlay Welcome New Members 45Securities CounselLegal CounselPoints of InterestFall 2019Page 1'