Fair Debt Collection Practices Act (FDCPA): Federal law that regulates debt collection practices and prohibits deceptive, unfair, and abusive collection practices. Must be considered when drafting payment arrangement terms and communications requirements.
Truth in Lending Act (TILA): Federal law requiring clear disclosure of lending terms and costs. Relevant for including accurate interest rates and payment terms in the agreement.
Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information. Important for provisions related to credit reporting of payment arrangements.
Consumer Credit Protection Act: Federal law protecting consumers in credit transactions. Includes provisions for credit cost disclosure and restrictions on garnishment.
Bankruptcy Code provisions: Federal laws governing bankruptcy proceedings that may affect the enforceability and terms of payment arrangements, particularly if the debtor files for bankruptcy.
State Usury Laws: State-specific regulations governing maximum allowable interest rates and related charges. Must be consulted to ensure interest rates in payment arrangements comply with state limits.
State Debt Collection Regulations: State-specific rules governing debt collection practices, which may impose additional requirements beyond federal regulations.
State Contract Laws: State-specific requirements for contract formation, enforcement, and remedies that affect the structure and terms of the agreement.
State Consumer Protection Laws: State-specific regulations protecting consumers from unfair or deceptive practices in commercial transactions, including debt collection.
State Statute of Limitations: State-specific time limits for bringing legal action to collect a debt, which may affect the enforceability of the payment arrangement.
Uniform Commercial Code (UCC): Standardized commercial laws adopted by states, particularly Articles 2 and 9, governing sales and secured transactions respectively.
Statute of Frauds: Legal requirement that certain contracts must be in writing to be enforceable, including provisions for signatures and essential terms.
Contract Formation Elements: Basic legal requirements for valid contract formation including offer, acceptance, consideration, and capacity of parties to contract.
Consumer Disclosure Requirements: Legal obligations to provide clear, conspicuous disclosure of payment terms, conditions, default provisions, and consumer rights in the agreement.
Dispute Resolution Procedures: Legal framework for handling disputes, including requirements for notice, cure periods, and specified procedures for resolving disagreements.
