Credit unions operating in California must provide written mortgage loan translations in five languages, according to a release from the state's Department of Financial Institutions.
|AB 1160, signed into law by California Governor Arnold Schwarzenegger in 2009, requires banks and credit unions to provide a good faith mortgage estimate in Spanish, Chinese, Tagalog, Vietnamese, or Korean if loan terms were negotiated verbally or in writing in any of those languages.
|The state's Department of Corporations and DFI have created forms in each of the five languages. Institutions may download them at the DFI's website (http://www.dfi.ca.gov/forms/bank/bankforms.asp) and begin using them immediately. The law took effect July 1, and institutions must provide the form to borrowers no later than Oct. 1.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
