California Civil Code

§ 1799.91

CIV § 1799.91 Effective Jan 1, 2023Div. 3 · Title 1.85 · Part 4

Statute text

(a)Each creditor who obtains the signature of more than one person on a consumer credit contract shall deliver to each person who does not in fact receive any of the money, property, or services which are the subject matter of the consumer credit contract, prior to that person’s becoming obligated on the consumer credit contract, a notice in English and the languages set forth in subdivision (b) of Section 1632 in a clear and conspicuous manner in at least 10-point Arial equivalent type as follows: NOTICE TO COSIGNERYou are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn’t pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount. The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record. This notice is not the contract that makes you liable for the debt.

…

Legislative history

Amended by Stats. 2022, Ch. 149, Sec. 1. (SB 633) Effective January 1, 2023.