Truth in Lending Act (TILA) and Regulation Z: Federal law that requires lenders to provide standardized disclosures about terms and costs associated with lending. Key for consumer credit transactions and disclosure requirements.
Equal Credit Opportunity Act (ECOA) and Regulation B: Prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Fair Credit Reporting Act (FCRA): Regulates the collection, dissemination, and use of consumer credit information. Important for credit evaluation process.
Bank Secrecy Act (BSA): Requires financial institutions to assist government agencies in detecting and preventing money laundering, including reporting requirements.
Anti-Money Laundering (AML) regulations: Framework of laws designed to prevent financial crimes and the conversion of illegal gains into legitimate assets.
Dodd-Frank Act: Comprehensive financial reform legislation affecting lending practices, risk management, and consumer protection in financial services.
Securities Acts: The Securities Act of 1933 and Securities Exchange Act of 1934 govern securities-related aspects of lending, particularly relevant if the facility involves securities.
Uniform Commercial Code (UCC): Particularly Article 9 governing secured transactions, providing rules for creation and enforcement of security interests in personal property.
Federal Reserve Regulations: Guidelines and requirements set by the Federal Reserve affecting lending practices, capital requirements, and banking operations.
State Usury Laws: State-specific regulations limiting the maximum interest rate that can be charged on loans.
State Lending Regulations: Various state-specific rules governing lending practices, licensing requirements, and consumer protection measures.
LIBOR Transition Requirements: Regulations and guidelines governing the transition from LIBOR to alternative reference rates like SOFR.
Bankruptcy Laws: Federal and state laws affecting creditor rights and remedies in the event of borrower bankruptcy.
Environmental Regulations: Laws affecting lending when real estate collateral is involved, including environmental liability considerations.
Tax Implications: Federal and state tax laws affecting lending transactions, including withholding requirements and tax treatment of interest.
