AB 1160, signed into law by Governor Schwarzenegger on October 11, 2009 requires banks and credit unions to summarize the terms of a mortgage loan in Spanish, Chinese, Tagalog, Vietnamese, or Korean if the terms of the loan were negotiated in one of those languages, either orally or in writing.
Banks and credit unions can now download the Good Faith Estimate disclosure form and may begin using the form immediately, but not later than October 1, 2010.
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