Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about loan terms and costs, ensuring accurate representation of the debt satisfaction
Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information, relevant for reporting the debt as paid in full to credit bureaus
Fair Debt Collection Practices Act (FDCPA): Federal law that regulates debt collection practices and ensures fair treatment of debtors in communications and documentation
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in credit transactions, ensuring fair treatment in debt satisfaction documentation
State Debt Collection Regulations: Varying state-specific requirements for debt collection practices and documentation that may affect the format and content of the paid in full letter
State Consumer Protection Laws: State-specific laws protecting consumers in financial transactions, including requirements for debt satisfaction documentation
State Banking Regulations: State-specific rules governing banking operations and documentation requirements for loan satisfaction
State Lien Release Requirements: State-specific procedures and documentation requirements for releasing any security interests or liens upon full payment
UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments and their satisfaction
UCC Article 9: Uniform Commercial Code provisions governing secured transactions and the release of security interests upon payment
