Chinese Translation News
AB 1160 Becomes Law, Requiring Mortgage Loan Contracts and Agreements to be Translated
AB 1160 has become a law in the State of California. It requires that mortgage loan documents be written in the same language the verbal negotiations were conducted in. In other words, if the verbal negotiations were conducted in Chinese, then the mortgage loan documents should be in written Chinese as well. If you'd like to comment on this article, please contact us
By Samuel Chong
September 1, 2010
A law that requires mortgage loan documents to be translated
into the language in which the verbal negotiations were
conducted became effective on July 1, 2010. This law, AB
1160, requires a supervised financial organization, as defined,
that negotiates primarily in Spanish, Chinese, Tagalog,
Vietnamese, or Korean in the course of entering into a contract
or agreement for a loan or extension of credit secured by
residential real property, to deliver, prior to the execution of
the contract or agreement, and no later than 3 business days
after receiving the written application, a specified form in
that language summarizing the terms of the contract or
agreement, as specified.
"We provide mortgage loan document translation services," says a Chinese translator working at Abacus Chinese Translation Services. "This will definitely help our business. However, more importantly, it will help those who wish to obtain loans from financial institutions but at the same time unable to speak English well."
Mortgage loan documents normally contain financial jargons and legal terminologies. "It is important to use certified translators to be able to translate documents more accurately," says Sunny Wang, a certified court interpreter/translator.
Indeed, many companies provide certified translation services. However, a few of the translators have not felt the effects of these provisions. "We have yet to receive any requests to translate mortgage loan related documents into Chinese." says Samuel Chong, another certified Chinese translator in Los Angeles. "Perhaps when Chinese people buy real estate properties in Los Angeles, they don't bother to get the loans from banks. Instead, they use cash."
It has been true that Chinese people from China have been on a buying spree in the US, buying brand name products, sometimes emptying several stores at once, all using cash. In terms of real estate properties in Los Angeles, they have been purchasing them as well, without the need of obtaining mortgages or loans.
It's a very interesting phenomenon. "I guess it will benefit Spanish, Tagalog, Vietnamese, and Korean translators more than our Chinese translators." Chong concludes.
This article can be found at http://www.certifiedchinesetranslation.com/10/0901-AB-1160-Translation-Contract-Agreement.html