State and Federal Collection Laws
o Statutes
o Judgments
o Garnishments
o Interest Rates
o Bad Check Laws
o Collection Agency Requirements by State
In researching your debts, statute's and credit rating it is often necessary to know the "collection laws" of a particular state. Because state laws vary, knowing the right collection law for your state or your creditors state is essential. Here, you can find bad check laws, state collection requirements, statutes of limitations for both debts and judgments, garnishments plus license and bonding information for collection agents. Totally invaluable! This information is provided at commercialbar.com and can be used in conjunction with our information on defending the statute of limitations.
Truth in Lending Act
(15 U.S.C. §§ 1601-1667f, as amended)
This Act (Title I of the Consumer Credit
Protection Act) vests the Commission
with responsibility for assuring
compliance by non-depository entities
with a variety of statutory provisions.
Specifically, the Act requires all
creditors who deal with consumers to
make certain written disclosures
concerning all finance charges and
related aspects of credit transactions
(including disclosing finance charges
expressed as an annual percentage rate).
The Act also establishes a three-day
right of rescission in certain
transactions involving the establishment
of a security interest in the consumer's
residence (with certain exclusions, such
as interests taken in connection with
the purchase or initial construction of
a dwelling). The Act also establishes
certain requirements for advertisers of
credit terms.
Fair Credit Billing Act (15
U.S.C. 1666-1666j)
This Act, amending the Truth in Lending
Act, requires prompt written
acknowledgment of consumer billing
complaints and investigation of billing
errors by creditors. The amendment
prohibits creditors from taking actions
that adversely affect the consumer's
credit standing until an investigation
is completed, and affords other
protection during disputes. The
amendment also requires that creditors
promptly post payments to the consumer's
account, and either refund overpayments
or credit them to the consumer's
account.
Fair Credit Reporting Act
(15 U.S.C. §§ 1681-1681(u), as
amended)
The Act protects information collected
by consumer reporting agencies such as
credit bureaus, medical information
companies and tenant screening services.
Information in a consumer report cannot
be provided to anyone who does not have
a purpose specified in the Act.
Companies that provide information to
consumer reporting agencies also have
specific legal obligations, including
the duty to investigate disputed
information. Also, users of the
information for credit, insurance, or
employment purposes must notify the
consumer when an adverse action is taken
on the basis of such reports. Further,
users must identify the company that
provided the report, so that the
accuracy and completeness of the report
may be verified or contested by the
consumer.
Fair Credit and Charge Card Disclosure
Act
(codified in scattered sections of the
U.S. Code, particularly 15 U.S.C.
1637(c)-(g))
This Act, amending the Truth in Lending
Act, requires credit and charge card
issuers to provide certain disclosures
in direct mail, telephone and other
applications and solicitations to
open-end credit and charge accounts and
under other circumstances.
Fair Debt Collection Practices
Act (15 U.S.C. §§ 1692-1692o, as amended)
Under this Act (Title VIII of the
Consumer Credit Protection Act),
third-party debt collectors are
prohibited from employing deceptive or
abusive conduct in the collection of
consumer debts incurred for personal,
family, or household purposes. Such
collectors may not, for example, contact
debtors at odd hours, subject them to
repeated telephone calls, threaten legal
action that is not actually
contemplated, or reveal to other persons
the existence of debts.
Home Equity Loan Consumer Protection Act
(codified in scattered sections of the
U.S. Code, particularly 15 U.S.C.
§§ 1637 and 1647)
This Act, amending the Truth in Lending
Act, requires creditors to provide
certain disclosures for open-end credit
plans secured by the consumer's dwelling
and imposes substantive limitations on
such plans.
Home Ownership and Equity
Protection Act (15 U.S.C.
§ 1639)
The Act, amending the Truth in Lending
Act, establishes disclosure requirements
and prohibits equity stripping and other
abusive practices in connection with
high-cost mortgages. It is enforced by
the Commission for nondepository lenders
and by the states through their
attorneys general.
Credit Repair Organizations Act (15 U.S.C. §§ 1679-1679j) This Act, Pub. L. No. 104-208, § 2451, 110 Stat. 3009-455 (Sept. 30, 1996), amending title IV of the Consumer Credit Protection Act, prohibits untrue or misleading representations and requires certain affirmative disclosures in the offering or sale of "credit repair" services. The Act bars "credit repair" companies from demanding advance payment, requires that "credit repair" contracts be in writing, and gives consumers certain contract cancellation rights.
Fair and Accurate Credit
Transactions Act of 2003
(codified to 15 U.S.C. §§ 1681-1681x)
This Act, amending the Fair Credit
Reporting Act (FCRA), adds provisions
designed to improve the accuracy of
consumers’ credit-related records. It
gives consumers the right to one free
credit report a year from the credit
reporting agencies, and consumers may
also purchase for a reasonable fee a
credit score along with information
about how the credit score is
calculated. The Act also adds provisions
designed to prevent and mitigate
identity theft, including a section that
enables consumers to place fraud alerts
in their credit files. Further, the act
grants consumers additional rights with
respect to how their information is
used. The FTC has rulemaking
responsibilities under numerous
provisions of the Act and study
requirements under many more.
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