When you agree to be a cosigner for someone else's debt, you are guaranteeing to pay if that person fails to pay the debt. The Rule requires that you be given a notice that explains the responsibility you are undertaking. Under the Rule, the cosigner notice must say:
You 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.
* Depending on your state, this may not apply. If state law forbids a creditor from collecting from a cosigner without first trying to collect from the primary debtor, this sentence may be crossed out or omitted on your cosigner notice.
This notice is not required when you receive benefits from the contract, such as when you buy goods, take out a loan, or open a joint credit-card account with another person. In these cases, you would be a co-buyer, co-borrower, or co-applicant (co-cardholder) rather than a cosigner. Therefore, the creditor would not be required to provide the notice. Allegheny Pennsylvania Guarantor — Consignor Notice Required by FTC on certain Transactions is a legal requirement imposed by the Federal Trade Commission (FTC) for specific transactions involving guarantors and consignors in Allegheny, Pennsylvania. This notice serves to inform and protect consumers, ensuring transparency and proper disclosure in these transactions. The FTC mandates that the Guarantor — Consignor Notice should contain comprehensive information regarding the obligations and responsibilities of the guarantor and consignor, as well as any potential risks involved. This notice is essential to protect the rights of all parties involved, including the guarantor, consignor, and the consumer. It promotes fair practices, transparency, and accountability within the Allegheny Pennsylvania business community. There are various types of Allegheny Pennsylvania Guarantor — Consignor Notice Required by FTC on certain Transactions, including: 1. Guarantor — Consignor Notice for Auto Loan Transactions — This notice specifically applies to transactions involving guarantors and consignors in the automobile loan industry. It outlines the obligations and liabilities of the guarantor and consignor in relation to the vehicle purchase and loan repayment. 2. Guarantor — Consignor Notice for Housing Rental— - This notice is applicable to real estate transactions where a guarantor or consignor guarantees the lease or rental payment of a residential property. It provides details on the obligations and responsibilities of the guarantor and consignor in ensuring timely payments. 3. Guarantor — Consignor Notice for Business Transactions — This notice is relevant for commercial transactions in Allegheny, Pennsylvania, wherein a guarantor or consignor assumes financial responsibility or guarantees the obligations of a business. It highlights the risks and responsibilities associated with such agreements. The Allegheny Pennsylvania Guarantor — Consignor Notice Required by FTC on certain Transactions aims to prevent fraud, promote transparency, and safeguard the rights of consumers and businesses alike. Compliance with this requirement is crucial for both guarantors and consignors, ensuring ethical and fair business practices throughout the region.
Allegheny Pennsylvania Guarantor — Consignor Notice Required by FTC on certain Transactions is a legal requirement imposed by the Federal Trade Commission (FTC) for specific transactions involving guarantors and consignors in Allegheny, Pennsylvania. This notice serves to inform and protect consumers, ensuring transparency and proper disclosure in these transactions. The FTC mandates that the Guarantor — Consignor Notice should contain comprehensive information regarding the obligations and responsibilities of the guarantor and consignor, as well as any potential risks involved. This notice is essential to protect the rights of all parties involved, including the guarantor, consignor, and the consumer. It promotes fair practices, transparency, and accountability within the Allegheny Pennsylvania business community. There are various types of Allegheny Pennsylvania Guarantor — Consignor Notice Required by FTC on certain Transactions, including: 1. Guarantor — Consignor Notice for Auto Loan Transactions — This notice specifically applies to transactions involving guarantors and consignors in the automobile loan industry. It outlines the obligations and liabilities of the guarantor and consignor in relation to the vehicle purchase and loan repayment. 2. Guarantor — Consignor Notice for Housing Rental— - This notice is applicable to real estate transactions where a guarantor or consignor guarantees the lease or rental payment of a residential property. It provides details on the obligations and responsibilities of the guarantor and consignor in ensuring timely payments. 3. Guarantor — Consignor Notice for Business Transactions — This notice is relevant for commercial transactions in Allegheny, Pennsylvania, wherein a guarantor or consignor assumes financial responsibility or guarantees the obligations of a business. It highlights the risks and responsibilities associated with such agreements. The Allegheny Pennsylvania Guarantor — Consignor Notice Required by FTC on certain Transactions aims to prevent fraud, promote transparency, and safeguard the rights of consumers and businesses alike. Compliance with this requirement is crucial for both guarantors and consignors, ensuring ethical and fair business practices throughout the region.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
