Fong
Author
Existing law requires a person in a trade or business who negotiates specified contracts or agreements primarily in the languages of Spanish, Chinese, Tagalog, Vietnamese, or Korean to deliver to the other party, prior to execution of the contract or agreement, a translation of the contract or agreement in the applicable foreign language, except as specified. Under existing law, failure to comply with these provisions entitles the aggrieved party to rescind the contract or agreement. Under existing law, these provisions apply to specified loans or extensions of credit subject to the Industrial Loan Law and the California Finance Lenders Law. This bill would, in the alternative, require a supervised financial organization, as defined, that negotiates primarily in one of those languages 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. The bill would provide that a supervised financial organization that complies with these provisions would be deemed to be in compliance with the translation requirement in existing law described above. The bill would also provide that a supervised financial organization that complies with the translation requirement in existing law would be in compliance with these provisions. The bill would provide for administrative penalties against specified licensed persons for violations of these provisions. The bill would require the Department of Corporations and the Department of Financial Institutions to create a new form for these purposes, as provided, and to make it available in each of the languages described above. The bill would authorize an action against a supervised financial organization for a violation of these provisions to be brought only by a licensing agency or by the Attorney General. These provisions would become operative beginning on July 1, 2010, or 90 days after issuance of a form as provided, whichever occurs later. The provisions of this bill would not affect the obligations of a real estate broker, as specified.
Chaptered by Secretary of State - Chapter 274, Statutes of 2009.
Approved by the Governor.
Enrolled and to the Governor at 5 p.m.
Senate amendments concurred in. To enrollment. (Ayes 54. Noes 24. Page 3276.)
In Assembly. Concurrence in Senate amendments pending.
Read third time, passed, and to Assembly. (Ayes 26. Noes 14. Page 2294.)
Read second time. To third reading.
Read third time, amended. To second reading.
Read second time. To third reading.
From committee: Do pass. (Ayes 8. Noes 4.) (August 17).
From committee: Amend, do pass as amended, and re-refer to Com. on APPR. (Ayes 3. Noes 2.) (July 14).
Read second time, amended, and re-referred to Com. on APPR.
From committee: Do pass, and re-refer to Com. on JUD. Re-referred. (Ayes 7. Noes 3.) (July 9).
In committee: Hearing postponed by committee.
Read third time, passed, and to Senate. (Ayes 48. Noes 20. Page 2174.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. To third reading.
Read second time and amended. Ordered returned to second reading.
From committee: Amend, and do pass as amended. (Ayes 8. Noes 2.) (June 8).
Re-referred to Com. on B. & F. pursuant to Assembly Rule 77.2.
Read third time, amended, and returned to third reading. (Page 1922.).
Read second time. To third reading.
From committee: Do pass. (Ayes 10. Noes 4.) (May 20).
Read second time and amended.
From committee: Amend, do pass as amended, and re-refer to Com. on APPR. (Ayes 6. Noes 2.) (April 28).
Read second time and amended.
From committee: Amend, do pass as amended, and re-refer to Com. on JUD. (Ayes 8. Noes 2.) (April 20).
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
Read first time.
From printer. May be heard in committee March 30.
Introduced. To print.
| Bill Text Versions | Format |
|---|---|
| AB1160 | HTML |
| 02/27/09 - Introduced | |
| 04/02/09 - Amended Assembly | |
| 04/22/09 - Amended Assembly | |
| 05/05/09 - Amended Assembly | |
| 06/02/09 - Amended Assembly | |
| 06/11/09 - Amended Assembly | |
| 07/23/09 - Amended Senate | |
| 09/03/09 - Amended Senate | |
| 09/16/09 - Enrolled | |
| 10/11/09 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.