Loan disclosures for guarantors and co-signers.

HB 161 requires financial institutions to provide a separate written disclosure to guarantors or co-signers when a loan involves property as collateral. This disclosure must clearly state that agreeing to guarantee or co-sign a loan does not grant any ownership rights or interest in the property securing the loan. The bill directly affects individuals who co-sign or guarantee loans for property purchases or collateralized loans, ensuring they understand their limited legal position. It does not change existing property rights but mandates transparency about the lack of ownership interests from co-signing. The law takes effect July 1, 2023.