CA AB2737

Requires entities receiving assignment of conditional sale contracts in securitization transactions to notify consumers that the seller remains the point of contact and is obligated to comply with GAP waiver provisions.

Makes seller liable for holder's violations of notice requirements if the holder fails to comply with notification obligations in securitization-type transactions.

Notice to consumer in securitization assignments must specify that the seller remains the point of contact, is obligated to comply with GAP waiver provisions, and is liable for failure to do so.

Applies to guaranteed asset protection (GAP) waivers offered in connection with motor vehicle conditional sale contracts, requiring separate documentation and specific disclosure requirements.