State and Federal Collection Laws

State and Federal Collection Laws

o Statutes
o Judgments
o Garnishments
o Interest Rates
o Bad Check Laws
o Collection Agency Requirements by State

In researching your debts, statute's and credit rating it is often necessary to know the "collection laws" of a particular state. Because state laws vary, knowing the right collection law for your state or your creditors state is essential. Here, you can find bad check laws, state collection requirements, statutes of limitations for both debts and judgments, garnishments plus license and bonding information for collection agents. Totally invaluable! This information is provided at commercialbar.com and can be used in conjunction with our information on defending the statute of limitations.

Truth in Lending Act (15 U.S.C. §§ 1601-1667f, as amended)
This Act (Title I of the Consumer Credit Protection Act) vests the Commission with responsibility for assuring compliance by non-depository entities with a variety of statutory provisions. Specifically, the Act requires all creditors who deal with consumers to make certain written disclosures concerning all finance charges and related aspects of credit transactions (including disclosing finance charges expressed as an annual percentage rate). The Act also establishes a three-day right of rescission in certain transactions involving the establishment of a security interest in the consumer's residence (with certain exclusions, such as interests taken in connection with the purchase or initial construction of a dwelling). The Act also establishes certain requirements for advertisers of credit terms.

Fair Credit Billing Act (15 U.S.C. 1666-1666j)
This Act, amending the Truth in Lending Act, requires prompt written acknowledgment of consumer billing complaints and investigation of billing errors by creditors. The amendment prohibits creditors from taking actions that adversely affect the consumer's credit standing until an investigation is completed, and affords other protection during disputes. The amendment also requires that creditors promptly post payments to the consumer's account, and either refund overpayments or credit them to the consumer's account.

Fair Credit Reporting Act (15 U.S.C. §§ 1681-1681(u), as amended)
The Act protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act. Companies that provide information to consumer reporting agencies also have specific legal obligations, including the duty to investigate disputed information. Also, users of the information for credit, insurance, or employment purposes must notify the consumer when an adverse action is taken on the basis of such reports. Further, users must identify the company that provided the report, so that the accuracy and completeness of the report may be verified or contested by the consumer.

Fair Credit and Charge Card Disclosure Act (codified in scattered sections of the U.S. Code, particularly 15 U.S.C. 1637(c)-(g))
This Act, amending the Truth in Lending Act, requires credit and charge card issuers to provide certain disclosures in direct mail, telephone and other applications and solicitations to open-end credit and charge accounts and under other circumstances.

Fair Debt Collection Practices Act (15 U.S.C. §§ 1692-1692o, as amended)
Under this Act (Title VIII of the Consumer Credit Protection Act), third-party debt collectors are prohibited from employing deceptive or abusive conduct in the collection of consumer debts incurred for personal, family, or household purposes. Such collectors may not, for example, contact debtors at odd hours, subject them to repeated telephone calls, threaten legal action that is not actually contemplated, or reveal to other persons the existence of debts.

Home Equity Loan Consumer Protection Act (codified in scattered sections of the U.S. Code, particularly 15 U.S.C. §§ 1637 and 1647)
This Act, amending the Truth in Lending Act, requires creditors to provide certain disclosures for open-end credit plans secured by the consumer's dwelling and imposes substantive limitations on such plans.

Home Ownership and Equity Protection Act (15 U.S.C. § 1639)
The Act, amending the Truth in Lending Act, establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with high-cost mortgages. It is enforced by the Commission for nondepository lenders and by the states through their attorneys general.

Credit Repair Organizations Act (15 U.S.C. §§ 1679-1679j) This Act, Pub. L. No. 104-208, § 2451, 110 Stat. 3009-455 (Sept. 30, 1996), amending title IV of the Consumer Credit Protection Act, prohibits untrue or misleading representations and requires certain affirmative disclosures in the offering or sale of "credit repair" services. The Act bars "credit repair" companies from demanding advance payment, requires that "credit repair" contracts be in writing, and gives consumers certain contract cancellation rights.

Fair and Accurate Credit Transactions Act of 2003 (codified to 15 U.S.C. §§ 1681-1681x)
This Act, amending the Fair Credit Reporting Act (FCRA), adds provisions designed to improve the accuracy of consumers’ credit-related records. It gives consumers the right to one free credit report a year from the credit reporting agencies, and consumers may also purchase for a reasonable fee a credit score along with information about how the credit score is calculated. The Act also adds provisions designed to prevent and mitigate identity theft, including a section that enables consumers to place fraud alerts in their credit files. Further, the act grants consumers additional rights with respect to how their information is used. The FTC has rulemaking responsibilities under numerous provisions of the Act and study requirements under many more.

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