Fair Credit Reporting Act (FCRA): Federal law that regulates the collection, dissemination, and use of consumer credit information. Must be considered for credit reporting obligations in settlement agreements.
Fair Debt Collection Practices Act (FDCPA): Federal law that limits the behavior and actions of debt collectors who are attempting to collect debts on behalf of another person or entity.
Truth in Lending Act (TILA): Federal law that requires clear disclosure of lending terms and costs to protect consumers in credit transactions.
Credit CARD Act of 2009: Federal legislation that established fair and transparent practices relating to credit card accounts, including settlement procedures.
Federal Trade Commission Act: Foundational consumer protection law that prohibits unfair or deceptive practices in commerce, including credit card settlements.
State Consumer Protection Laws: State-specific laws that protect consumers in credit transactions and debt settlements, varying by jurisdiction.
State Debt Collection Regulations: State-specific rules governing debt collection practices and settlement procedures within each state's jurisdiction.
State Credit Card Regulations: State-specific rules governing credit card operations and settlements within each state's jurisdiction.
State Statutes of Limitations: Time limits set by each state for legally enforcing debt collection, which must be considered in settlement agreements.
CFPB Regulations: Consumer Financial Protection Bureau guidelines governing credit card operations and settlement practices.
FTC Guidelines: Federal Trade Commission guidelines for fair practices in credit card settlements and debt collection.
OCC Regulations: Office of the Comptroller of the Currency regulations governing banking practices related to credit card settlements.
IRS Tax Implications: Tax reporting requirements including Form 1099-C for debt forgiveness exceeding $600, which must be addressed in settlement agreements.
Debt Validation Requirements: Legal requirements for validating the existence and amount of debt before settling, including documentation requirements.
Release of Liability Provisions: Legal requirements for properly documenting the release of debt obligations and future claims in settlement agreements.
