California passed a bill amending Notice to Cosigner (Notice) requirements with respect to consumer credit contracts. Under the bill, all persons who sign a consumer credit contract but do not receive any money that is the subject of the contract must be provided a Notice, regardless of whether the persons are married. The bill also expanded the languages into which the Notice must be translated to include Spanish, Chinese, Tagalog, Vietnamese and Korean. The Department of Financial Protection and Innovation (Department) must provide the applicable translations on the Department’s website. In addition, the bill requires that the Notice include the date and an acknowledgment of receipt, and that the Notice be attached to the consumer credit contract. The bill becomes effective January 1, 2023.
Click to view the California Senate Bill 633: https://www.tenaco.com/wp-content/uploads/2022/08/CA-SB-633-08-19-22.pdf
