UNDERSTANDING CA SB 1157 Under AB 2747, landlords must provide tenants with written information about rent reporting at lease signing and at least once per year. This information must include:
• The cost to the tenant, if any.
• Confirmation that rent reporting is optional.
• Information on how rent payments will be reported.
• The names of the credit bureaus that will receive rent payment data.
• A statement that tenants may opt out at any time, with the condition that they cannot re-enroll for at least six months after opting out.
If a tenant opts in to rent reporting, landlords are required to:
• Charge no more than $10/month for reporting rent payments.
• Report on-time rent payments monthly to at least one credit bureau
• Disclose to tenants that their rent payments will be reported.
• Inform tenants they have the option to opt in or opt out of reporting.
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