Exceptions to Filing Second Notice of Intention
11010.5. The filing of a second notice of intention to sell and a second report of the commissioner under this article shall not be required when all the following conditions have been met:
(a) where there has been a previous subdivision report and the lots are subsequently acquired through any foreclosure action, or by a deed in lieu of foreclosure, by a bank, life insurance company, industrial loan company, credit union, or savings and loan association licensed or operating under the provisions of a state or federal law if the acquired lots, either improved or unimproved, will be sold in conformance with the previously issued subdivision public report;
(b) the original public report is given to the first purchasers of the lots in the foreclosed subdivision; and
(c) the commissioner is notified of the change of ownership within 30 days of the acquisition of the title to such property.