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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 Maryland, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of both parties involved in credit and loan transactions. State laws include the Maryland Consumer Debt Collection Act, which regulates the behavior of debt collectors and prohibits abusive practices. The Maryland Credit Services Businesses Act requires credit services businesses to obtain a license and regulates their activities to protect consumers. Additionally, Maryland has laws that govern the creation and enforcement of security interests in personal property, which are outlined in the Maryland Uniform Commercial Code. On the federal level, laws such as the Fair Debt Collection Practices Act (FDCPA) and the Truth in Lending Act (TILA) provide protections for consumers against unfair collection practices and mandate clear disclosure of credit terms, respectively. These laws work together to ensure a fair and transparent credit market, providing remedies for debtors while also allowing creditors to collect on debts owed to them.

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Creditor and Debtor

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Maryland State Code

Maryland State Code

Creditor and Debtor

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