California Civil Code

§ 1632.5

CIV § 1632.5 Effective Jan 1, 2023Div. 3 · Title 2 · Part 2

Statute text

(a)(1) A supervised financial organization that negotiates primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean, whether orally or in writing, in the course of entering into a contract or agreement for a loan or extension of credit secured by residential real property, shall deliver to the other party to that contract or agreement prior to the execution of the contract or agreement the applicable form or forms described in subdivision (i) for that language.

(2)A supervised financial organization that negotiates the modification of any of the terms of a loan or extension of credit secured by residential real property primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean, and that offers a borrower a final loan modification in writing, shall deliver to that borrower, at the time the final loan modification offer is made, one of the forms described in paragraph (4) of subdivision (i) summarizing the modified terms of the loan in the same language as the negotiation.

(b)For purposes of this section:

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Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 18. (SB 1498) Effective January 1, 2023. Section conditionally operative as provided in Stats. 2018, Ch. 356, Sec. 3.