Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about credit terms and costs, promoting informed use of consumer credit.
Fair Credit Reporting Act (FCRA): Regulates the collection, dissemination, and use of consumer credit information, ensuring fairness, accuracy, and privacy of information in credit reporting systems.
Equal Credit Opportunity Act (ECOA): Prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or whether an applicant receives public assistance.
Fair Debt Collection Practices Act (FDCPA): Establishes legal protection from abusive debt collection practices and provides guidelines for debt collectors' conduct.
Uniform Commercial Code (UCC) Article 9: Governs secured transactions and provides rules for creation, perfection, and enforcement of security interests in personal property.
Federal Trade Commission Act: Prohibits unfair or deceptive practices in commerce, including lending and credit practices.
Bankruptcy Code: Federal law governing bankruptcy proceedings, affecting creditors' rights and priority in case of debtor bankruptcy.
Consumer Credit Protection Act: Comprehensive federal law that includes various consumer credit protections, including regulations on wage garnishment.
E-SIGN Act: Ensures the legal validity of electronic signatures and records in commercial transactions, including credit agreements.
State Usury Laws: State-specific regulations that set maximum legal interest rates and define usurious lending practices.
State Lending Regulations: State-specific rules governing lending practices, licensing requirements, and operational procedures for creditors.
State Consumer Protection Laws: State-level laws providing additional consumer protections beyond federal requirements in credit transactions.
State Contract Laws: State-specific rules governing contract formation, enforcement, and interpretation.
Security Interest Provisions: Legal requirements for creating and maintaining security interests in collateral under the credit agreement.
Default and Remedy Provisions: Legal framework governing creditor's rights and available remedies in case of default.
Interest Rate Regulations: Federal and state requirements governing interest rate calculations, disclosures, and limitations.
Notice Requirements: Legal requirements for providing notices to debtors regarding account status, changes, and collections.
Collection Rights: Legal framework defining creditors' rights and limitations in collecting debts.
Statute of Limitations: Time limits for bringing legal action to collect debts under state laws.
Priority of Creditors: Legal rules determining the order of creditors' claims in case of multiple creditors or bankruptcy.
