CA AB2993

Extends the right-to-cancel period for home solicitation contracts from 3 days to 5 days, and from 5 days to 7 days for senior citizens, effective January 1, 2025.

Prohibits contractors from requesting or accepting full payment from lenders until the property owner provides written confirmation that home improvements are completed, operational or fit for intended use, and all permitting agencies have provided final approval.

Requires finance lenders to obtain a copy of the home improvement contract and conduct a documented telephone, video, or digital call with the consumer before executing a home improvement loan to confirm key terms and borrower understanding.

Mandates finance lenders make available to consumers upon request all information and documentation related to home improvement loans, including contracts, payment records, and recordings of confirmation calls, maintained for five years.

Limits initial fund release to contractors to 85% of the loan amount until final permitting approval is obtained, with payment to consumers not received until all conditions are satisfied.