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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 Utah, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of both creditors and debtors. 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 Utah Consumer Credit Code, which provides guidelines on consumer credit transactions and protections against unfair lending practices. Debtors, on the other hand, are individuals or businesses seeking credit or loans for personal or business purposes. They are protected under state law from abusive collection practices by the Utah Collection Agency Act and the federal Fair Debt Collection Practices Act (FDCPA). Additionally, bankruptcy proceedings, which can provide a legal remedy for overburdened debtors, are governed by federal law under the U.S. Bankruptcy Code, but also involve state-specific exemptions and procedures. It is important for both creditors and debtors to understand their legal rights and obligations under these laws to ensure fair and lawful financial transactions.

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Creditor and Debtor

Individual & Family Legal Plan

Articles

Utah State Code

Articles

Creditor and Debtor

Utah State Code