§ 15-702. Surety disclosure. 1. As used in this section:

a. "Consumer" means a natural person.

b. "Consumer credit transaction" or "transaction" means a loan or sale
pursuant to which credit is extended to a consumer primarily for
personal, family, or household purposes. The term does not include
transactions pursuant to a consumer credit account.

c. "Consumer credit account" means an account established pursuant to
an agreement under which the creditor may permit the consumer to make
purchases or obtain loans, for personal, family or household purposes,
from time to time, directly from the creditor or indirectly by use of a
credit card, check, or other device as the agreement may provide.

d. "Creditor" means a person, partnership, corporation, association,
or other entity who, in the ordinary course of business, regularly
enters into or acquires evidences of, consumer credit transactions or
extends credit pursuant to consumer credit accounts.

e. "Co-signer" means a natural person who (i) in the case of a
consumer credit transaction becomes obligated on the transaction as a
co-signer, co-maker, guarantor, endorser or surety, but who does not
receive the property, services, or money that is the subject of the
transaction. The term does not include a seller, holder or lender who
becomes obligated to an assignee of such party's rights; or (ii) in the
case of a consumer credit account becomes obligated under the agreement
as a co-signer, co-maker, guarantor, endorser or surety with respect
either to all purchases and loans, or a specified maximum dollar amount
of purchases and loans that will be obtained from time to time pursuant
to the agreement whether or not it is contemplated that the co-signer
may receive any of the property, services or money to be obtained. The
term does not include a seller, holder or lender who becomes obligated
to an assignee of such party's rights or a joint applicant for credit
who is intended to be primarily liable under the agreement.

2. The creditor shall:

a. before a co-signer becomes obligated on a consumer credit
transaction, deliver to the co-signer a completed copy of each note,
contract, or other writing evidencing the obligation of the consumer or
of the co-signer on the transaction, and a written notice that
identifies the debt the co-signer may have to pay and reasonably informs
the co-signer of his or her obligation with respect to it;

b. before a co-signer becomes obligated on a consumer credit account,
deliver to the co-signer a completed copy of the agreement establishing
the account, any other writing evidencing the co-signer's obligation and
a written notice that identifies the account the co-signer may have to
pay and reasonably informs the co-signer of his or her obligation with
respect to it.

If the creditor does not comply with the provisions of this section,
the co-signer shall not be obligated as a guarantor of payment as
described in subdivision one of section 3-416 of the uniform commercial
code.

3. The notice must be in at least ten point type and may be on a
separate sheet, attached to a guarantee or similar instrument, or part
of the note, contract, or other writing evidencing the consumer credit
transaction, or agreement establishing the consumer credit account. A
separately signed written acknowledgment of receipt in substantially the
form below is prima facie proof of such receipt in any action by or
against the co-signer. A notice substantially similar to the following
complies with this section:

(a) as to a consumer credit transaction:

NOTICE
You agree to pay the debt identified below although you may not
personally receive any property, services, or money. You may be sued for
payment although the person who receives the property, services, or
money is able to pay. You should know that the Total of Payments listed
below does not include finance charges resulting from delinquency, late
charges, repossession or foreclosure costs, court costs or attorney's
fees, or other charges that may be stated in the note or contract. You
will also have to pay some or all of these costs and charges if the note
or contract, the payment of which you are guaranteeing, requires the
borrower to pay such costs and charges. If this debt is ever in default,
that fact may become a part of your credit record. This notice is not
the note, contract, or other writing that obligates you to pay the debt.
Read that writing for the exact terms of your obligation.

IDENTIFICATION OF DEBT(S) YOU MAY HAVE TO PAY
________________________________________________________________________

(Name of Debtor)
________________________________________________________________________

(Name of Creditor)
________________________________________________________________________

(Date)
_________________________________ $ ____________________________________

(Kind of Debt) (Total of Payments)
I have been given a completed copy of this notice and of each writing
that obligates me or the Debtor on this debt.
_________________________________ _____________________________________

(Date) (Signed)
(b) as to a consumer credit account:

NOTICE
You agree to pay the debts incurred from time to time on the account
identified below although you may not personally receive any property,
services, or money. You may be sued for payment although the person
opening the account is able to pay. You should know that the Limit of
Liability listed below does not include court costs or attorney's fees,
or other costs or charges that may be stated in the agreement. You will
also have to pay some or all of these costs and charges if the agreement
for the consumer credit account, payment of which you are guaranteeing,
requires the borrower to pay such costs and charges. If any debt
incurred on the account is ever in default, that fact may become a part
of your credit record. This notice is not the agreement, or other
writing that obligates you to pay. Read that writing for the exact terms
of your obligations and of your rights to limit or end your obligations.

IDENTIFICATION OF ACCOUNT(S) YOU MAY HAVE TO PAY
________________________________________________________________________

(Name of Debtor)
________________________________________________________________________

(Name of Creditor)
________________________________________________________________________

(Date)
_________________________________ $ ____________________________________

(Kind of Account) (Limit of Liability)
I have been given a completed copy of this notice and of each writing
that obligates me or the Debtor on this account.
_________________________________ _____________________________________

(Date) (Signed)