Truth in Lending Act (TILA) and Regulation Z: Federal law that requires lenders to provide standardized disclosures about credit terms and costs, ensuring transparency in lending practices.
Equal Credit Opportunity Act (ECOA) and Regulation B: Prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Fair Credit Reporting Act (FCRA): Regulates the collection, dissemination, and use of consumer credit information, ensuring accuracy and privacy of credit reporting.
Consumer Credit Protection Act: Comprehensive legislation that protects consumers in credit transactions, including provisions for garnishment and debt collection practices.
Dodd-Frank Wall Street Reform: Extensive financial regulatory reform law that established the Consumer Financial Protection Bureau and introduced new oversight requirements for financial institutions.
Uniform Commercial Code (UCC) Article 9: Governs secured transactions and provides rules for creation, perfection, and enforcement of security interests in personal property.
Federal Reserve Requirements: Regulations establishing standards for banking operations, including capital requirements and lending practices.
State Usury Laws: State-specific regulations that set maximum interest rates and terms for various types of loans and credit agreements.
Bankruptcy Code Implications: Federal laws affecting creditor rights and remedies in the event of borrower bankruptcy, including automatic stay and priority rules.
FATCA: Foreign Account Tax Compliance Act requirements for reporting and documentation when international parties are involved in credit transactions.
Bank Secrecy Act: Anti-money laundering requirements including customer identification, transaction monitoring, and suspicious activity reporting.
PATRIOT Act: Requirements for customer identification and verification procedures in financial transactions to prevent terrorism financing.
State Consumer Protection Laws: State-specific regulations protecting consumers in credit transactions, including disclosure requirements and unfair practice prohibitions.
Securities Laws: Federal securities regulations including Securities Act of 1933 and Exchange Act of 1934, applicable if the credit agreement involves securities.
Internal Revenue Code Provisions: Tax implications and requirements related to credit agreements, including treatment of interest, debt forgiveness, and original issue discount rules.
