Uniform Commercial Code (UCC): Primary consideration of Article 2 (Sales), Article 9 (Secured Transactions), and filing requirements for security interests. Essential for structuring the installment sale agreement and ensuring proper security interest documentation.
Truth in Lending Act (TILA): Federal law requiring specific disclosure requirements, finance charge calculations, and Annual Percentage Rate (APR) disclosures in consumer credit transactions.
State-Specific Laws: Consideration of individual state contract laws, consumer protection regulations, state-specific installment sale regulations, and state usury laws regarding interest rates.
Federal Trade Commission (FTC) Regulations: Consumer protection rules, credit practices rules, and Holder in Due Course regulations that govern fair trade practices in installment sales.
Tax Considerations: IRS regulations regarding installment sales, state tax implications, and sales tax requirements that affect the transaction's tax treatment.
Consumer Protection Laws: Including Fair Credit Reporting Act, Equal Credit Opportunity Act, and Fair Debt Collection Practices Act, which protect consumer rights in credit transactions.
Statute of Frauds: Legal requirements for written contracts and signature requirements to ensure the agreement is legally binding and enforceable.
