Assembly Bill AB512 passed and now goes to the Senate. If it passes and is signed into law it would require a Mortgage/Loan Summary page in Spanish, Chinese, Tagalog, Vietnamese or Korean. Read below for more info:
En Espanol: Es posible que una nueve ley se apruebe que requira los documentos de hipoteca/prestamo de casa en varios lenguajes incluyendo espanol.
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Jun 9, 2007 - Knight Ridder Tribune Business News
Author(s): Barbara E. Hernandez
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Jun. 9--Non-English speakers could benefit from a proposed state law that will require home loan documents to be translated into five languages after the state Assembly voted to pass the bill late Thursday.
The bill, known as AB512, would require crucial mortgage terms to be translated into Spanish, Chinese, Tagalog, Vietnamese or Korean if a business primarily negotiates in that language. The bill passed 47-29, with four Assembly members abstaining, along party lines, with most Democrats voting for the bill, Assemblyman Mark DeSaulnier, D-Concord, said. "It's a good bill," DeSaulnier said. "It will help consumer confidence about the integrity of their transaction." DeSaulnier said that negative stories about predatory lending to limited-English speakers have hurt the whole industry and the proposed law is an "appropriate and prudent" one.
(from MortgageNewsWatcho.com, 6/10/07
http://www.mortgagenewswatch.com/newsviewer.php?ppa=%3Aqsvv%5F%5BmroooopUTeb%7DGL%7Dbfem%5E%21)
Sunday, June 10, 2007
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