Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about loan terms and costs, ensuring transparency in consumer credit transactions.
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or public assistance program participation.
Fair Credit Reporting Act (FCRA): Federal law regulating the collection, dissemination, and use of consumer credit information, including requirements for loan modifications.
Consumer Credit Protection Act: Comprehensive federal legislation that includes various consumer credit protections, including regulations on credit terms and practices.
Fair Debt Collection Practices Act (FDCPA): Federal law governing debt collection practices and protecting borrowers from abusive collection methods.
Dodd-Frank Wall Street Reform: Federal legislation that established enhanced consumer protection standards and financial industry regulations, including loan modification requirements.
State Usury Laws: State-specific regulations that set maximum interest rates and define usurious lending practices within each jurisdiction.
Uniform Commercial Code: Standardized set of laws governing commercial transactions, particularly Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions).
Property and Mortgage Laws: State and federal regulations governing secured loans, property rights, and mortgage requirements for loan modifications.
Commercial Finance Laws: Specific regulations governing business and commercial lending, including disclosure requirements and borrower protections.
Securities Laws: Federal and state regulations that may apply if the loan modification involves securities or securitized loans.
Bankruptcy Laws: Federal laws affecting loan modifications in the context of bankruptcy proceedings and creditor rights.
IRS Regulations: Tax implications and requirements related to loan modifications, including potential income recognition and reporting obligations.
CFPB Regulations: Consumer Financial Protection Bureau rules governing consumer lending practices, loan servicing, and modification requirements.
