Uniform Commercial Code (UCC): Core federal legislation governing commercial transactions including Article 2 (Sales), Article 2A (Leases), and Article 9 (Secured Transactions). Essential for structuring asset finance agreements and securing interests in financed assets.
Truth in Lending Act (TILA): Federal law requiring transparent disclosure of credit terms and standardized calculation methods for credit costs, implemented through Regulation Z. Critical for consumer credit aspects of asset financing.
Equal Credit Opportunity Act (ECOA): Federal legislation prohibiting discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or public assistance participation.
Federal Consumer Leasing Act: Regulates consumer leasing transactions, requiring specific disclosures about lease costs and terms. Applicable if the asset finance agreement includes consumer leasing provisions.
Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for documentation and reporting.
Dodd-Frank Act: Comprehensive financial reform legislation including consumer protection provisions and risk retention rules affecting asset-backed securities and financing arrangements.
State Usury Laws: State-specific regulations limiting maximum interest rates and fees that can be charged in financing transactions. Varies by jurisdiction.
State UCC Variations: State-specific modifications to the Uniform Commercial Code that may affect how asset finance agreements are structured and enforced in different jurisdictions.
State Licensing Requirements: State-specific regulations governing licensing and registration requirements for entities engaged in asset financing activities.
State Consumer Protection Laws: State-specific regulations providing additional consumer protections beyond federal requirements, including disclosure requirements and prohibited practices.
SEC Regulations: Federal securities regulations that may apply if the asset finance agreement involves securitization or other securities-related aspects.
Federal Reserve Regulations: Banking regulations that may affect asset finance agreements, particularly when involving regulated financial institutions.
OCC Guidelines: Office of the Comptroller of the Currency guidelines affecting national banks involved in asset financing activities.
Internal Revenue Code: Federal tax provisions affecting the treatment of asset finance transactions, including depreciation, interest deductibility, and other tax implications.
State Tax Regulations: State-specific tax rules affecting asset finance transactions, including sales tax, use tax, and property tax considerations.
