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Credit Assignment Agreement

Credit Assignment Agreement Template for United States

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Key Requirements PROMPT example:

Credit Assignment Agreement

"I need a Credit Assignment Agreement to transfer a portfolio of consumer loans worth $5M from our lending company to a debt collection agency, with specific provisions for gradual transfer of payment rights starting March 2025."

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Document background
A Credit Assignment Agreement becomes necessary when a creditor wishes to transfer their rights to receive payment to another party. This commonly occurs in debt sales, portfolio transfers, or business restructuring. The agreement must comply with U.S. federal regulations including the Uniform Commercial Code and Fair Debt Collection Practices Act, while also adhering to state-specific requirements. It typically includes detailed information about the original debt, payment history, current balance, and any security interests, while establishing the terms and conditions of the transfer.
Suggested Sections

1. Parties: Identification of assignor and assignee with full legal names and addresses

2. Background: Context of the assignment and description of the original credit agreement

3. Definitions: Key terms used throughout the agreement including Credit Agreement, Assigned Rights, Effective Date

4. Assignment: Core terms of the assignment including rights being transferred

5. Consideration: Details of payment or other consideration for the assignment

6. Representations and Warranties: Assignor's statements about the validity and status of the credit being assigned

7. Governing Law: Jurisdiction and applicable law

Optional Sections

1. Notice Requirements: Procedures for notifying the debtor of the assignment, required when mandated by state law or original credit agreement

2. Security Interests: Details of any security interests being assigned, included when the original credit agreement includes collateral

3. Indemnification: Terms for compensating parties for losses, included when significant risks exist in the assignment

Suggested Schedules

1. Schedule A - Original Credit Agreement: Copy of the original credit agreement being assigned

2. Schedule B - Outstanding Balance: Current balance and payment history of the credit being assigned

3. Schedule C - Security Details: Details of any security or collateral (if applicable)

4. Schedule D - Notice Form: Template for notifying debtor of the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses

























Industries

Uniform Commercial Code (UCC): Primary legislation governing commercial transactions, particularly Article 9 (Secured Transactions), Article 2 (Sales), and Article 3 (Negotiable Instruments)

Fair Credit Reporting Act (FCRA): Federal law that regulates the collection, dissemination, and use of consumer credit information, including privacy requirements

Fair Debt Collection Practices Act (FDCPA): Federal law establishing legal guidelines for debt collection practices and notice requirements

State-Specific Assignment Laws: Individual state requirements for assignment validity, including recording, notice requirements, and statute of frauds provisions

Federal and State Securities Laws: Regulations governing securities, including registration requirements if credit rights could be considered securities

Consumer Protection Laws: Including Truth in Lending Act (TILA) and state-specific consumer protection statutes

Contract Law Principles: Fundamental legal principles including consideration requirements, capacity to contract, and legal purpose

Privacy Laws: Including Gramm-Leach-Bliley Act, state privacy laws, and data protection requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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