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Consumer Credit Contract

Consumer Credit Contract Template for United States

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Key Requirements PROMPT example:

Consumer Credit Contract

"Need a Consumer Credit Contract for a retail store credit card program with a maximum credit limit of $5,000, including standard late payment fees and an APR of 18.99%, to be launched in March 2025."

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Document background
The Consumer Credit Contract serves as the primary legal instrument for documenting credit arrangements between financial institutions and individual consumers in the United States. This document is essential when extending any form of consumer credit, from personal loans to retail financing. It must comply with extensive federal regulations, including TILA, FCRA, and ECOA, as well as state-specific consumer protection laws. The contract includes mandatory disclosures, interest calculations, payment schedules, and default provisions, ensuring transparency and protecting both lender and borrower interests.
Suggested Sections

1. Parties: Identification of lender and borrower with full legal names and addresses

2. Background: Context of the credit arrangement and purpose of the loan

3. Definitions: Key terms used throughout the agreement including APR, finance charges, and payment terms

4. Loan Amount and Terms: Principal amount, interest rate, and repayment terms as required by TILA

5. Payment Schedule: Detailed breakdown of payment amounts and due dates including total of payments

6. Security Interest: Description of any collateral securing the loan and related terms

7. Default Provisions: Consequences of default, remedies available, and collection practices compliant with FDCPA

8. Consumer Rights and Disclosures: Mandatory disclosures under TILA, FCRA, and state laws including right of rescission

Optional Sections

1. Insurance Requirements: Terms regarding required insurance coverage for secured loans with valuable collateral

2. Prepayment Terms: Provisions regarding early repayment options, penalties, or incentives

3. Co-Signer Provisions: Terms and obligations applying to any co-signers on the loan

4. Electronic Communication Consent: Optional provisions for electronic statements and communications

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal

2. Schedule B - TILA Disclosures: Federal Truth in Lending Act disclosures including APR and finance charges

3. Schedule C - State-Specific Disclosures: Additional disclosures required by applicable state consumer credit laws

4. Appendix A - Borrower's Rights: Comprehensive statement of borrower's rights under federal and state law

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Clauses
Interest Rate and Charges
Payment Terms
Security Interest
Default and Remedies
Prepayment
Representations and Warranties
Insurance Requirements
Credit Reporting
Collection Practices
Notice Requirements
Amendment and Modification
Assignment
Governing Law
Dispute Resolution
Severability
Right of Rescission
Electronic Communications
Privacy and Information Sharing
Set-off Rights
Force Majeure
Term and Termination
Acceleration
Late Payment Provisions
Credit Limit Changes
Statements and Billing
Industries

Truth in Lending Act (TILA) and Regulation Z: Federal law requiring clear disclosure of lending terms, APR calculations, right of rescission, and payment schedule details

Fair Credit Reporting Act (FCRA): Federal law governing credit reporting requirements and consumer rights regarding credit information

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending and establishing requirements for adverse action notices

Fair Debt Collection Practices Act (FDCPA): Federal law establishing rules about debt collection practices and consumer protections

CFPB Regulations: Consumer Financial Protection Bureau regulations covering various consumer protection rules and disclosure requirements

State Usury Laws: State-specific laws governing maximum interest rate limits and fee restrictions

State Consumer Protection Laws: State-specific laws covering additional disclosure requirements, cooling-off periods, and cancellation rights

State Licensing Requirements: State-specific laws regarding lender licensing provisions and registration requirements

State Credit Laws: State-specific laws providing additional consumer protections and state-specific disclosure requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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