CA AB1904

Amends Civil Code Section 1770 to add paragraph (28) making it unlawful for a covered person or entity acting on behalf of a covered person to fail to include specific information in solicitations for consumer financial products or services.

Requires solicitations to include the name and contact information (mailing address and telephone number) of the covered person and any entity acting on behalf of them.

Requires solicitations to include a disclosure statement in at least 18-point bold type stating "THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER."

Defines "covered person" by reference to Financial Code Section 90005, excluding entities exempt under Financial Code Section 90002, and specifies that "solicitation" does not include mass advertisements, consumer-initiated communications, or certain credit or insurance solicitations subject to federal disclosure requirements.

Effective September 15, 2022.