Uniform Commercial Code (UCC): Key federal legislation governing negotiable instruments (Article 3) and secured transactions (Article 9). Essential for structuring the promissory note and any associated security interests.
State-Specific Laws: Individual state legislation governing promissory notes, guarantees, statutes of limitations, and usury laws regarding maximum permissible interest rates.
Truth in Lending Act (TILA): Federal law requiring specific disclosures for consumer credit transactions, including clear disclosure of key loan terms and conditions.
Federal and State Securities Laws: Regulations that may apply if the promissory note could be classified as a security, requiring additional compliance measures and disclosures.
Statute of Frauds: Legal doctrine requiring certain contracts to be in writing, particularly relevant for guarantee agreements to be legally enforceable.
Fair Debt Collection Practices Act (FDCPA): Federal law governing debt collection practices, which becomes relevant if the note needs to be collected through third-party collectors.
Bankruptcy Code: Federal laws affecting the enforceability of promissory notes and guarantees in bankruptcy situations, including priority of claims.
Equal Credit Opportunity Act: Federal law prohibiting discrimination in credit transactions and establishing requirements for fair lending practices.
