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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 North Dakota, 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 in North Dakota, such as the North Dakota Century Code, provide specific regulations on matters like debt collection practices, interest rates, and the enforcement of debts. For example, the state has laws that protect debtors from unfair collection practices and set forth the procedures for claiming exemptions in debt collection. On the federal level, laws such as the Fair Debt Collection Practices Act (FDCPA) regulate how debt collectors can conduct themselves and the Fair Credit Reporting Act (FCRA) governs the use of credit information. Additionally, the Truth in Lending Act (TILA) requires creditors to provide clear and accurate information about the cost of credit. These laws work together to ensure a fair and transparent credit market, protect consumers from abusive practices, and outline the legal framework for the resolution of debt-related disputes.

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Creditor and Debtor

Individual & Family Legal Plan

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North-Dakota State Code

North-Dakota State Code

Creditor and Debtor

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