Provides for electronic notice for collateral loan brokers

This bill allows collateral loan brokers to send sale notices and surplus funds notifications to borrowers via email or text message instead of traditional mail. Brokers must provide a notice of sale at least 30 days before the sale and a second notice 15 days prior, using the borrower's preferred electronic method (email/text) or mail if chosen. Borrowers can update their contact information at any time before the second notice, and brokers must retain copies of all notices for six years. If electronic notices were used for the sale, the same method must be used for surplus funds notices.