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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 Oregon, 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 Oregon Revised Statutes (ORS), which cover aspects such as the enforcement of debts, interest rates, collection practices, and the rights of debtors to exempt certain property from collection efforts. For example, ORS Chapter 18 deals with the enforcement of judgments, including garnishments, while ORS Chapter 82 covers interest rates. Federal laws that impact creditor and debtor relations include the Fair Debt Collection Practices Act (FDCPA), which sets standards for the conduct of debt collectors, and the Truth in Lending Act (TILA), which requires disclosures about loan terms and costs. Additionally, the Bankruptcy Code, a federal statute, provides a legal framework for the resolution of insolvency issues for both individuals and businesses. These laws are designed to ensure fair practices in lending and credit, protect consumers from abusive collection practices, and provide mechanisms for dealing with debt.

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Creditor and Debtor

Individual & Family Legal Plan

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Oregon State Code

Oregon State Code

Creditor and Debtor

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