Uniform Commercial Code (UCC): Primary federal law governing commercial transactions. Particularly Article 2 (Sale of Goods) and Article 9 (Secured Transactions) are relevant for credit agreements involving goods.
Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about credit terms and costs to promote informed use of consumer credit.
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or public assistance status.
Fair Credit Reporting Act (FCRA): Federal law regulating the collection, dissemination, and use of consumer credit information.
Federal Trade Commission Act: Prohibits unfair or deceptive practices in commerce, including credit transactions.
State UCC Adaptations: State-specific versions and modifications of the Uniform Commercial Code that may affect credit agreements.
State Usury Laws: State-specific regulations governing maximum interest rates and related charges that can be imposed on credit transactions.
State Consumer Protection Laws: State-specific regulations protecting consumers in commercial transactions, including credit agreements.
Magnuson-Moss Warranty Act: Federal law governing warranties on consumer products, relevant when credit agreements involve consumer goods.
Bankruptcy Code Provisions: Federal laws affecting creditor rights and obligations in case of debtor bankruptcy.
Federal Reserve Regulations: Banking regulations that may affect credit terms, disclosures, and practices.
CFPB Regulations: Consumer Financial Protection Bureau rules governing consumer financial products and services, including credit agreements.
Contract Formation Principles: Legal doctrines governing offer, acceptance, consideration, and other elements essential to creating valid contracts.
Statute of Frauds: Legal requirement that certain contracts, including those involving substantial amounts, must be in writing to be enforceable.
Good Faith and Fair Dealing: Legal doctrine requiring parties to deal honestly and fairly in contract formation and performance.
Unconscionability Doctrine: Legal principle protecting against unfair or oppressive contract terms, particularly relevant in consumer credit agreements.
