Credit Law can best be described as a catchall  for the state and federal laws, regulations and case law governing credit as it relates to consumer transactions.  The easiest way to think about credit law is based more on time and the ‘lifespan’ of consumer credit.  The most common form of consumer credit is credit card law.  Credit lawyers help consumers in credit counseling and advice regarding credit law problems.

 

Credit Law applies to all stages of consumer credit:  from the birth of credit to its death.  The birth of credit being when credit is initiated or contracted for by a consumer.  The death can be either a good or a bad event:  paying off the credit account with successful closure or failing to pay as agreed and the account is forcibly closed with post-collection action.  Credit lawyers can help debtors with all stages of credit law.

 

We have all experienced the different stages of the life of credit:

• credit marketing:  advertising, promotions and other efforts by creditors to ‘sell’ credit

• credit consummation:  a consumer signs a contract/loan agreement

• credit servicing:  making the payments as agreed, or failing to do so

• credit closure:  paid in full or charged off as an ‘unpaid account’

• credit collection:  attempts by creditor to collect upon a negative account

 

The list of credit laws, state and federal statutes, regulations, administrative regulations and case law that apply to each of the above stage of consumer credit is baffling.  I suggest the tension between aggressive creditor sales tactics(advertising, credit inception and collection) and the need for consumer protection is the genesis for such a voluminous, hotly legislated area of our consumer economy.

 

Why “Credit Law” on the Gary George Law Office, LLC website?

With over 18 years of consumer credit and debt relief experience, I can help you with any legal problems you may concerning each of the life stages of consumer credit.  An example would be any issues you are having with credit card law.

 

Can I help you with your legal problem?

Just ask yourself the following questions about credit law and if you answer “yes” then I can help you with your problem and I suggest you request a free initial consultation:

 

Credit Marketing:  Advertising and Promotions - Credit Law

• Did you have a problem when you were shopping for new credit?  Encounter questionable credit advertising practices?  Creditor failed to honor advertised terms of credit?  

 

Credit Report Issues - Credit Law

• Do you have problems with your credit report?  Need help resolving older bad debts on your credit report?  Need to fix incorrect information on your credit report?  Need advice on improving your credit score?

 

Opening Credit:  Loan Paperwork Closing, Application for Credit, Representations - Credit Law

• Do you have a problem with the paperwork you signed when you applied for credit?  Do you have concerns about representations made by a creditor during the loan signing process?  

 

Credit Servicing:  Payment History, Balance Issues, Harassment - Credit Law

• Do you have a problem with the actions and conduct of the creditor during repayment of your consumer loan?  Incorrect balance problems?  Misapplied payments?  Harassment by creditor about making payments?  Creditor change terms without notifying you or in breach of the terms of your loan agreement?  Often issues arise with credit card law.

 

Credit Collection:  Debt Collection Actions, Unpaid Credit, Defaulted Loans - Credit Law

• Do you have problems related to collection actions taken by a creditor to collect unpaid credit?  Harassed by debt collectors?  Calling family and friends about your unpaid debt?  Calling your work?  A high volume debt collection account is credit card debt.

 

Credit Lawsuits:  Creditor Filed Lawsuit to Collect an Unpaid Debt - Credit Law

• Do you need help with a credit card lawsuit?  Has a creditor sued you to collect a credit card debt?  Credit card laws vary and are difficult to interpret when you represent yourself.  Be careful with “How to Defend Yourself in a Credit Card Lawsuit” information on the internet.

 

If you answered “YES” to any of the above then I suggest you schedule a free initial consultation to discuss your options and how I can help.

 

 

 

 

Ohio Consumer Sales Practices Act (CSPA) - R.C. 1345.01 et seq.

A very important consumer protection law, with important credit law implications, that prohibits all deceptive, unfair or unconscionable acts or practices in consumer transactions.  You can recover statutory damages, actual damages, punitive damages and attorney’s fees.  The Ohio Attorney General could even get involved under certain circumstances.

 

Ohio Administrative Code - Ohio Attorney General Regulations Governing CSPA related activities - Ohio Admin. Code Sec. 109:4-3-01 to 109:4-3-30.

Important regulations implemented by the Ohio Attorney General that apply to common consumer abuses under the CSPA.  A consumer can even attempt to petition the Attorney General to institute rule-making proceedings.

 

Prepaid Entertainment Contract Act (PECA) R.C. 1345.41 et seq. - The “Gym Membership” Statute

Many credit law cases revolve around gym memberships, health spas, dance studios, martial arts training classes, weight reduction centers and related.  The long-terms contract you sign when joining any of the above is a contract for credit and loan agreement.  Due to the high pressure sales, the emotional components and the highly competitive industries spurned lawmakers into action to protect consumers from overly aggressive sales and credit tactics.  Three-day “cooling off” periods, bans on lifetime contracts and other limitations were enacted in PECA to protect the consumer.  Credit laws exist in many aspects of our life, although not so obvious to a layperson.

 

Ohio Usury Law, Small Loan Act and Mortgage Loan Act Lending - R.C. 1343, R.C. 1321.01 to R.C. 1321.60 - “Strip Mall Lending”

The primary Ohio statutes for governing credit law applying to limits on interest and charges which may be received in Ohio for extensions of credit other than for business purposes.  Violating these statutes constitute usury.  R.C. 1343 is the general catchall usury statute and the Small Loan Act and Mortgage Loan Act regulating lending on terms (mostly interest charged) in excess of the usury limits imposed by R.C. 1343.  You will find ‘strip mall’ loan companies are governed by the SLA and MLA.  Credit lawyers help consumers with unfair lending practices.

 

Credit Cards - Ohio and Federal Credit Card Laws - Numerous Applicable Statutes

The following statutes apply in part to transactions concerning credit card law:

• Fair Credit Billing Act - 15 USCA Sec. 1666 to 1666j

• Truth in Lending Act - 15 USCA Sec. 1601 et seq.

• Fair Credit and Charge Card Disclosure Act of 1988 - 15 USCA Sec. 1637c to 1637g

• Fair and Accurate Credit and Transactions Act of 2003 (FACT ACT) 15 USCA 1681b

• Electronic Funds Transfer Act (EFTA) 15 USCA 1693g

• Credit Card Accountability Responsibility and Disclosure Act of 2009 Pub. L. No. 111-24 (May 22, 2009)

 

Federal Truth In Lending Law (TILA) 15 USCA Sec. 1601 et seq

A hallmark of credit law, this statute regulates the disclosure of required information by defined creditors when extending credit to consumers.  This is why we see a ‘box’ if credit terms disclosing the interest rate, the annual percentage rate (APR), term of financing, how many payment you will make and how much you will have paid as a total over the full term of financing.  Before you had to figure this vital information out all on your own.  Fertile ground for unscrupulous creditors.  Credit lawyers help consumers with truth-in-lending problems.

 

Debt Adjuster Act - R.C. 4710.01 et seq.

‘Debt adjusting,’ otherwise know as debt settlement, is regulated in Ohio by the Debt Adjuster Act.  Essentially bans the practice of ‘pooling’ (now know as ‘adjusting) the money of a debtor and failing to pass along the money to the debtor’s creditors.  Several limitations and disclosures apply to those participating in debt adjusting activities. Credit lawyers are excluded from coverage of this debt law.

 

Fair Debt Collection Practices Act (FDCPA) 15 USCA Sec. 1692 et seq.

Probable the most well know act of those listed above, the FDCPA was enacted to prevent unfair and deceptive debt collection practices and insure that those debt collectors who refrain from engaging in such nefarious behavior will not be competitively disadvantaged in the marketplace.

 

Schedule your free initial consultation with Credit Lawyer Gary J. George Jr. by clicking on the Free Initial Consultation button on this page or calling:

888-363-4529 - Local 614-888-4529