Consumer credit contracts: translations.

Existing law requires, unless the persons are married to each other, each creditor who obtains the signature of more than one person on a consumer credit contract to deliver to specified persons prior to those persons becoming obligated on the contract a notice in English and Spanish, as described. Existing law requires, unless the persons are married to each other, a lessor under a lease to deliver to each person who does not in fact receive the vehicle which is the subject of the lease contract, prior to that person becoming liable on the lease contract, a specified notice in English and Spanish in lieu of the notice required of creditors. Existing law authorizes these notices to be provided on a separate sheet, as described, or in the text of the consumer credit contract or other document establishing liability of the person. Existing law also provides that if federal law or regulations require or permit the use of a notice substantially similar to the notice required as described above, the use of the federally sanctioned notice and an accurate Spanish translation constitutes compliance. This bill would require the notice described above 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. The bill would also make conforming changes.