California Senate Bill No. 633 amends requirements for consumer credit contracts, particularly those regarding the Notice to Cosigner. These amendments are effective January 1, 2023.
Per the introductory paragraphs of Senate Bill No. 633:
“This bill would require the Notice to Cosigner to be provided to specified persons regardless of whether the persons are married to each other and would expand the languages into which the notices are required to be translated.
The bill would require the Department of Financial Protection and Innovation to make translations of the notices available in the required languages on its internet website by January 1, 2023, and would require additional translations of any languages subsequently added to state law.
The bill would require the notice to be provided only on a separate sheet preceding the contract, as specified.”
Docutech is currently reviewing Senate Bill No. 633 to determine any impacts to Cx886 – Notice to Cosigner. Any modifications made as a result of Senate Bill No. 633 will be announced on our Compliance website at https://compliance.docutech.com/.