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| Authors |
Durazo
Coauthors: Allen |
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| Subject | Home improvement loans: right to cancel contracts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Relating To | relating to consumer credit. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | An act to amend Section 7159 of the Business and Professions Code, and to amend Sections 1689.6, 1689.7, and 1689.13 of, and to add Title 1.87 (commencing with Section 1799.220) to Part 4 of Division 3 of, the Civil Code, relating to consumer credit. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Last Action Dt | 2025-07-17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| State | Amended Assembly | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Status | In Committee Process | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Analyses | TBD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latest Text | Bill Full Text | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latest Text Digest |
(1) This bill would regulate home improvement loans. The bill would require a lender to take specified actions before a consumer executes a contract for a home improvement loan, including obtaining oral confirmation of key terms of the home improvement loan contract, as defined and specified. The bill would require a lender that offers or provides a home improvement loan to make certain information available to the consumer and would prescribe how a lender must respond to requests for information from a consumer. The bill would prohibit a consumer’s repayment obligations under a home improvement loan, as specified, until the lender has taken specified actions. (2) Existing law requires specific provisions and requirements for home improvement contracts, as defined, that are not governed by the provisions described above. Existing law requires these contracts to include a notice regarding the buyer’s 3-day right to cancel. Existing law provides an alternate 5-day period of time to cancel the contracts or offers described above if the buyer or property owner is a senior citizen, as defined, for contracts entered into, or offers to purchase conveyed, on or after January 1, 2021. This bill would extend those 3-day and 5-day periods to 5-day and 7-day periods, respectively. The bill would also make conforming changes. The bill would apply these new extended periods to transactions on or after January 1, 2026. |