Contracts: translations.

Existing law requires, beginning on July 1, 2010, or 90 days after issuance of a form, as provided, whichever occurs later, a supervised financial organization, as defined, that negotiates specified contracts or agreements primarily in the languages of Spanish, Chinese, Tagalog, Vietnamese, or Korean in the course of entering into a contract or agreement for a loan or extension of credit secured by residential real property, to deliver, prior to the execution of the contract or agreement, and no later than 3 business days after receiving the written application, a specified form in that language summarizing the terms of the contract or agreement, as specified. This bill would specify that these provisions apply to loan modification agreements.