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Creditor and Debtor

Creditor and debtor law includes the rights and obligations of (1) creditors who extend credit and make loans to consumers and businesses and (2) consumers and businesses who seek credit and loans for their personal and business finances. Creditor/debtor law consists primarily of state and federal statutes.

In Indiana, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of both parties. Creditors, such as banks and lending institutions, are regulated in their practices of extending credit and making loans to consumers and businesses. This includes adherence to the Indiana Uniform Consumer Credit Code, which regulates consumer credit sales and loans, and the Indiana Debt Collection Act, which sets forth the guidelines for debt collection practices within the state. Debtors, including individuals and businesses seeking credit or loans, are protected under these laws from unfair lending practices and abusive collection tactics. Additionally, federal laws such as the Fair Debt Collection Practices Act (FDCPA) and the Truth in Lending Act (TILA) provide further protections to debtors, ensuring transparent communication about the terms of credit and prohibiting harassment by creditors. These laws aim to balance the interests of creditors in recovering debts with the rights of debtors to be treated fairly and without undue coercion.

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Creditor and Debtor

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Indiana State Code

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Creditor and Debtor

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