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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 Massachusetts, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of both parties in credit and loan transactions. State laws include the Massachusetts Consumer Credit Cost Disclosure Act, which requires clear disclosure of credit terms to consumers, and the Massachusetts Fair Debt Collection Practices Act, which regulates the behavior of debt collectors and provides protections for consumers against harassment and abuse. Additionally, the state's exemption laws protect certain property of debtors from seizure by creditors. On the federal level, laws such as the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Truth in Lending Act provide further regulations on credit reporting, debt collection, and disclosure of credit terms. These laws aim to ensure fair practices in lending, protect consumers from predatory lending, and establish a legal framework for resolving disputes between creditors and debtors.

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Creditor and Debtor

Individual & Family Legal Plan

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Massachusetts State Code

Massachusetts State Code

Creditor and Debtor

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