Skip to content
BOL Conferences
Thread Options
#124379 - 10/22/03 06:09 PM Non-English Speaking Customer
Anonymous
Unregistered

Are there any regulations that would direct banks on how to present loan documents to persons who are not English Speaking?

I noted that some of our customers (who I am confident did NOT understand english)have signed documents for passbook loans. Isn't there something out there about if the pre-loan discussion/negotiation was conducted in Spanish (for example) then the loan docs must also be in Spanish?

Thanks for your thoughts.

Return to Top
Lending Compliance
#124380 - 10/22/03 07:26 PM Re: Non-English Speaking Customer
E.E.G.B Offline
Power Poster
E.E.G.B
Joined: Jul 2002
Posts: 6,726
the sandy shore
I think there is a California law (or perhaps it was just a proposal) on this topic - you might start there.
_________________________
I disbelieved what he was saying so hard, I probably created an alternate universe where it wasn't true.

Return to Top
#124381 - 10/22/03 10:14 PM Re: Non-English Speaking Customer
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
My understanding of the California law is that if you NEGOTIATE the loan directly with the customer in Spanish, then the loan documents must be in Spanish. However, if the customer brings their own interpreter, then the document translation is not needed.
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

Return to Top

Moderator:  Andy_Z