Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about terms and costs. Must be considered when drafting default notices to ensure compliance with disclosure requirements.
Fair Debt Collection Practices Act (FDCPA): Federal law governing debt collection practices. Sets rules for communication with debtors and prohibits deceptive or unfair collection practices.
Real Estate Settlement Procedures Act (RESPA): Federal law requiring specific procedures for real estate loans, including requirements for loan servicing and loss mitigation procedures.
Dodd-Frank Wall Street Reform: Comprehensive financial reform law that includes provisions affecting loan servicing and foreclosure practices, including requirements for fair lending and consumer protection.
State Foreclosure Laws: State-specific regulations governing the foreclosure process, including required notices, timeframes, and procedures. Varies by jurisdiction.
State Consumer Protection Laws: State-level laws protecting consumers from unfair practices, including specific requirements for default notices and acceleration clauses.
State Notice Requirements: Specific state-mandated requirements for the content, format, and delivery of default notices.
State Debt Collection Acts: State-specific laws governing debt collection practices, which may impose additional requirements beyond federal FDCPA.
UCC Article 9: Uniform Commercial Code article governing secured transactions, including requirements for default notices and acceleration of debt.
CFPB Regulation X: Federal regulation implementing RESPA, including specific requirements for loan servicing and loss mitigation procedures.
CFPB Regulation Z: Federal regulation implementing TILA, including requirements for disclosure of terms and conditions in lending.
