Fair Debt Collection Practices Act (FDCPA): Federal law that prohibits debt collectors from using abusive, unfair, or deceptive practices to collect debts and sets standards for debt collection practices
Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information, including how debt settlements are reported to credit bureaus
Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized, clear disclosure about credit terms and costs
Consumer Credit Protection Act: Federal law providing a comprehensive framework for consumer credit rights and protections
Bankruptcy Code: Federal laws governing bankruptcy proceedings and their impact on debt compromise agreements
State Debt Collection Laws: State-specific regulations governing debt collection practices and procedures, which may provide additional protections beyond federal law
State Consumer Protection Laws: State-specific laws protecting consumers from unfair or deceptive practices in debt settlement and collection
State Statute of Limitations: State-specific time limits for bringing legal action to collect a debt
State Usury Laws: State-specific regulations governing maximum interest rates and charges that can be imposed on debts
State Contract Laws: State-specific requirements for valid contract formation, execution, and enforcement
IRC Section 108: Internal Revenue Code section governing the tax implications of debt forgiveness and cancellation
IRS Form 1099-C Requirements: Federal tax reporting requirements for cancelled debt, which may need to be addressed in the agreement
UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments and their transfer
UCC Article 9: Uniform Commercial Code provisions governing secured transactions and creditor rights
Statute of Frauds: Legal doctrine requiring certain contracts to be in writing to be enforceable
