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Spanish Translation of Consumer Notes
Question: Help! Do we have to translate our consumer notes into Spanish?
Answer: No. Regulated loan companies are required to provide a Spanish translation of terms if a loan was negotiated primarily in Spanish. However, this does not apply to banks and savings banks (based on an earlier opinion of the Texas Attorney General). Please note that because the law refers to loans it missed the target on auto dealer paper--which is a retail installment contract, not a loan!
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Comments & Questions
If you would like
to comment on legislative topics or if you have questions about this
information please call our public affairs expert, Mae Beth Palone at
(800) 749-4228 or E-mail mbpalone@ibat.org.
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