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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 Virginia, creditor and debtor law is governed by both state statutes and federal laws. State laws include the Virginia Consumer Protection Act, which provides guidelines on fair business practices and protects consumers from fraudulent and deceptive practices. Additionally, Virginia has laws that regulate debt collection practices, outlining what actions are permissible for creditors when collecting debts. These laws are designed to prevent harassment and abuse by debt collectors. On the federal level, the Fair Debt Collection Practices Act (FDCPA) sets nationwide standards for debt collection, and the Truth in Lending Act (TILA) requires clear disclosure of credit terms to consumers. Both state and federal laws aim to balance the rights of creditors to collect what is owed to them with the rights of debtors to be treated fairly and to have access to credit under equitable terms.

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Creditor and Debtor

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Virginia State Code

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Creditor and Debtor

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