Uniform Commercial Code (UCC): Key sections include Article 2 (Sales), Article 2A (Leases), and Article 9 (Secured Transactions). Critical for governing security interests, perfection, and priority rules in equipment financing.
Truth in Lending Act (TILA): Federal law requiring specific disclosure requirements for consumer credit transactions, implemented through Regulation Z.
Federal and State Usury Laws: Laws governing maximum permissible interest rates and late payment penalties in financing agreements.
State-Specific Finance Laws: Various state-level requirements including licensing and state-specific disclosures for equipment financing transactions.
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending practices and establishing notice requirements for creditors.
Fair Credit Reporting Act (FCRA): Regulates the collection, dissemination, and use of consumer credit information, including credit reporting obligations.
Internal Revenue Code: Tax regulations affecting equipment financing, including depreciation considerations and tax implications of different financing structures.
Bankruptcy Code: Federal laws governing secured creditor rights and automatic stay provisions in the event of bankruptcy.
Consumer Protection Laws: Federal and state-specific regulations protecting consumer rights in financing transactions, particularly relevant if the equipment is for consumer use.
Electronic Signatures in Global and National Commerce Act (E-SIGN): Federal law governing the validity and enforceability of electronic signatures and records in financing agreements.
