Uniform Commercial Code (UCC): Primary law governing sales of goods and secured transactions. Article 2 covers sales of goods and Article 9 covers secured transactions. Critical for equipment transactions over $500.
Magnuson-Moss Warranty Act: Federal law governing consumer product warranties, applicable when warranties are included in the farm equipment purchase agreement.
Truth in Lending Act: Federal regulation that requires clear disclosure of lending terms and costs when financing is involved in the equipment purchase.
Equal Credit Opportunity Act: Federal law ensuring equal access to credit and preventing discrimination in financing arrangements for equipment purchases.
State UCC Variations: State-specific modifications and interpretations of the Uniform Commercial Code that may affect the agreement terms.
State Consumer Protection Laws: State-specific laws designed to protect buyers from unfair practices and ensure transparent transactions.
Tax Regulations: Federal and state tax implications, including sales tax requirements and potential agricultural tax exemptions.
Environmental Regulations: EPA emissions standards and state-specific environmental regulations affecting farm equipment operation and compliance.
Safety Standards: OSHA requirements and equipment safety standards that must be met for legal operation of farm equipment.
Registration Requirements: State-specific rules regarding equipment registration and titling requirements for farm machinery.
