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. Miami-Dade Florida Guarantor — Consignor Notice Required by FTC on certain Transactions In Miami-Dade, Florida, the Federal Trade Commission (FTC) has mandated a Guarantor — Consignor notice requirement on specific transactions to ensure transparency and protection for all parties involved. This notice serves as a legal disclosure that must be provided by the guarantor or consignor before engaging in certain transactions within the county. The Miami-Dade Florida Guarantor — Consignor Notice provides important information and safeguards to consumers and businesses alike. This notice is mandatory for various types of transactions, such as consignment sales, rental agreements, financing agreements, and lease arrangements. By requiring this notice, the FTC aims to prevent fraudulent practices, promote fair dealings, and protect the rights of both guarantors and consignors. There are different types of Miami-Dade Florida Guarantor — Consignor Notice Required by FTC on certain Transactions, including: 1. Consignment Sales Notice: This notice is required when a consignor enters into an agreement to sell their goods through a consignment arrangement. It discloses the rights and responsibilities of both the consignor and the seller, ensuring that both parties are well-informed about the terms of the consignment sale. 2. Rental Agreement Notice: When renting out a property or any other asset, the guarantor or consignor must provide this notice to the tenant. It outlines the obligations of the guarantor, the consignor, and the lessee, ensuring that all parties comprehend their roles and responsibilities, such as rent payments and property maintenance. 3. Financing Agreement Notice: This notice is required in financing transactions where a guarantor or consignor pledges to repay a loan on behalf of the borrower. It discloses crucial details about the terms of the financing agreement, repayment schedules, interest rates, and any potential liabilities or risks involved. 4. Lease Arrangement Notice: When leasing properties or assets, the guarantor or consignor must provide this notice to the lessee. It elaborates on the rights and obligations of both parties, including rent payments, maintenance responsibilities, and potential lease termination provisions. The Miami-Dade Florida Guarantor — Consignor Notice is designed to uphold transparency, protect consumer rights, and prevent any fraudulent activities in various types of transactions. By complying with the FTC regulations, individuals and businesses can ensure that their rights are safeguarded and that they engage in fair and ethical practices within the Miami-Dade community.
Miami-Dade Florida Guarantor — Consignor Notice Required by FTC on certain Transactions In Miami-Dade, Florida, the Federal Trade Commission (FTC) has mandated a Guarantor — Consignor notice requirement on specific transactions to ensure transparency and protection for all parties involved. This notice serves as a legal disclosure that must be provided by the guarantor or consignor before engaging in certain transactions within the county. The Miami-Dade Florida Guarantor — Consignor Notice provides important information and safeguards to consumers and businesses alike. This notice is mandatory for various types of transactions, such as consignment sales, rental agreements, financing agreements, and lease arrangements. By requiring this notice, the FTC aims to prevent fraudulent practices, promote fair dealings, and protect the rights of both guarantors and consignors. There are different types of Miami-Dade Florida Guarantor — Consignor Notice Required by FTC on certain Transactions, including: 1. Consignment Sales Notice: This notice is required when a consignor enters into an agreement to sell their goods through a consignment arrangement. It discloses the rights and responsibilities of both the consignor and the seller, ensuring that both parties are well-informed about the terms of the consignment sale. 2. Rental Agreement Notice: When renting out a property or any other asset, the guarantor or consignor must provide this notice to the tenant. It outlines the obligations of the guarantor, the consignor, and the lessee, ensuring that all parties comprehend their roles and responsibilities, such as rent payments and property maintenance. 3. Financing Agreement Notice: This notice is required in financing transactions where a guarantor or consignor pledges to repay a loan on behalf of the borrower. It discloses crucial details about the terms of the financing agreement, repayment schedules, interest rates, and any potential liabilities or risks involved. 4. Lease Arrangement Notice: When leasing properties or assets, the guarantor or consignor must provide this notice to the lessee. It elaborates on the rights and obligations of both parties, including rent payments, maintenance responsibilities, and potential lease termination provisions. The Miami-Dade Florida Guarantor — Consignor Notice is designed to uphold transparency, protect consumer rights, and prevent any fraudulent activities in various types of transactions. By complying with the FTC regulations, individuals and businesses can ensure that their rights are safeguarded and that they engage in fair and ethical practices within the Miami-Dade community.
