§ 2701.

CONTRACT REQUIREMENTS

a.

Every Contract shall be in writing and shall fully disclose the exact nature of the Mortgage Modification Consultant’s services and the total amount and terms of compensation.

b.

Every Contract shall contain on the first page, in a type size no smaller than that generally used in the body of the Contract, (1) the name, mailing address, email address, and facsimile number of the Mortgage Modification Consultant to which notice of cancellation is to be mailed, and (2) the date the Owner signed the Contract.

c.

Every Contract shall be dated and signed by the Owner, and shall contain next to the space reserved for the Owner’s signature, in not less than 14-point bold type, the following statement:

NOTICE REQUIRED BY THE CITY AND COUNTY OF SAN FRANCISCO

You, the owner, may cancel this transaction at any time prior to midnight of the fourteenth calendar day after you sign this contract. Cancellation occurs when you give written notice of cancellation to the other party to this contract at the party’s address identified in this contract, or by facsimile or email at the number or address identified in this contract.

It is not necessary to pay a third party to arrange for a loan modification from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available by calling 888-995-HOPE (4673) or by visiting www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

d.

Foreign Languages. If Services are offered or negotiated primarily in one of the foreign languages set forth in subdivision (b) of Section 1632 of the California Civil Code, the Mortgage Modification Consultant shall provide the Owner, before the Owner signs the Contract, with a translated copy of the completed Contract in the language in which the Contract was negotiated. If English is the language principally used by the Mortgage Modification Consultant to describe the Services or to negotiate the Contract, the Mortgage Modification Consultant shall notify the Owner orally and in writing before the Owner signs the Contract that the Owner has the right to ask for a completed copy of the Contract in a language described in Civil Code Section 1632.

e.

Notice of Cancellation. The Contract shall be accompanied by a completed form in duplicate, titled “Notice of Cancellation,” which shall be attached to the Contract, shall be easily detachable, and shall contain in not less than 14-point bold type the following statement written in the same language that was used in the Contract: “NOTICE OF CANCELLATION.”

f.

The Mortgage Modification Consultant shall provide the Owner with a copy of the Contract and the attached Notice of Cancellation. An Owner’s use of the Notice of Cancellation is optional. This section is in no way intended to limit the application of Section 2702.

History

(Added by 203-09, File No. 090889, App. 8/28/2009)

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