SB 784: Home improvement loans: right to cancel contracts.

This bill regulates home improvement loans and aims to protect consumers by requiring lenders to take specific actions before a consumer signs a contract. A lender must obtain oral confirmation of key terms before a contract is signed and provide certain information to the consumer. A consumer has the right to cancel a home improvement loan contract until 5 days after the contract is signed, with an additional 7-day cancellation period if the consumer is a senior citizen. The bill also requires lenders to respond promptly to consumer requests for information and provides a notice regarding the consumer's cancellation rights. The bill applies to transactions on or after January 1, 2026, and makes conforming changes to existing laws regarding home solicitation contracts and offers.