Alternative Mortgage Parity Transactions Act (AMPTA)
American Dream Downpayment Act (ADDA)
American Homeownership and Economic Opportunity Act (AHEOA)
Bank Secrecy Act (BSA)
Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)
CAN-SPAM Act
Community Reinvestment Act (CRA)
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
Depository Institutions Deregulation and Monetary Control Act (DIDMCA)
Dodd-Frank Wall Street Reform and Consumer Protection Act
Do-Not-Call Implementation Act (DNCIA)
Electronic Fund Transfer Act (EFTA)
Electronic Signatures in Global and National Commerce Act (E-Sign)
Emergency Economic Stabilization Act (EESA)
Equal Credit Opportunity Act (ECOA)
Fair and Accurate Credit Transactions Act (FACTA)
Fair Credit Billing Act (FCBA)
Fair Credit Reporting Act (FCRA)
Fair Debt Collection Practices Act (FDCPA)
Fair Housing Act (FHA)
Federal Credit Union Act (FCUA)
Federal Deposit Insurance Act (FDICIA)
Federal Trade Commission Act (FTC)
Financial Institutions Reform, Recovery and Enforcement Act (FIRREA)
Fraud Enforcement and Recovery Act (FERA)
Freedom of Information Act (FOIA)
Garn-St. Germain Depository Institutions Act (GSG)
Gramm-Leach-Bliley Act (GLBA)
Helping Families Save Their Homes Act (HFSTH)
Home Mortgage Disclosure Act (HMDA)
Home Ownership and Equity Protection Act (HOEPA)
Homeowners Protection Act (HOPA)
Housing and Economic Recovery Act (HERA)
Interstate Land Sales Full Disclosure Act (ILSA)
Junk Fax Prevention Act (JFPA)
National Bank Act (NBA)
National Housing Act (NHA)
National Flood Insurance Act (NFIA)
Privacy Act (PA)
Privacy of Consumer Financial Information (PCFI-FRB)
Privacy of Consumer Financial Information (PCFI-FTC)
Real Estate Settlement Procedures Act (RESPA)
Right to Financial Privacy Act (RFPA)
Sarbanes-Oxley Act (SOA)
Servicemembers Civil Relief Act (SCRA)
Tax Relief and Health Care Act (TRHCA)
Telemarketing and Consumer Fraud and Abuse Prevention Act (TCFAPA)
Telephone Consumer Protection Act (TCPA)
Truth in Lending Act (TILA)
Truth in Savings Act (TISA)
Unfair or Deceptive Trade Practices Statutes
USA Patriot Act (Patriot Act)
USA Patriot Improvement and Reauthorization Act
Alternative Mortgage Parity Transactions Act (AMPTA)
Statute/Regulation: 12 U.S.C. 3801 et seq.; 12 CFR 1004.1 et seq. (Reg. D)
Purpose: It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
American Dream Downpayment Act (ADDA)
Statute/Regulation: Public Law 108-186
Purpose: To support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, and for other purposes. Aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDA will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.
American Homeownership and Economic Opportunity Act (AHEOA)
Statute/Regulation: Public Law 106-569
Purpose: The American Homeownership and Economic Opportunity Act of 2000 was enacted to expand homeownership in the United States, and for other purposes.
Bank Secrecy Act (BSA)
Statute/Regulation: 31 U.S.C. 5311 et seq.; 31 CFR 103 et seq.
Purpose: The Bank Secrecy Act of 1970 requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)
Statute/Regulation: Public Law 109-8
Purpose: On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("Amendments"). This Act is perhaps the most sweeping change to the Bankruptcy Code (the "Code") since the Amendments of 1994.
CAN-SPAM Act
Statute/Regulation: 15 U.S.C. 7701 et seq.; 16 CFR 316 et seq.
Purpose: Congress determines that: (1) there is a substantial government interest in regulation of commercial electronic mail on a nationwide basis; (2) senders of commercial electronic mail should not mislead recipients as to the source or content of such mail; and (3) recipients of commercial electronic mail have a right to decline to receive additional commercial electronic mail from the same source.
Community Reinvestment Act (CRA)
Statute/Regulation: 12 U.S.C. 2901 et seq.; 12 CFR 228 et seq. (Reg BB)
Purpose: It is the purpose of this Act to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
Statute/Regulation: 42 U.S.C. 9601 et seq.
Purpose: Under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA or Superfund law), liability for environmental problems rests with potentially responsible parties without regard to their involvement or fault in creating the problems. The act provides that any responsible party may be held liable for all the costs and expenses associated with the environmental cleanup. State laws sometimes impose similar requirements.
Depository Institutions Deregulation and Monetary Control Act (DIDMCA)
Statute/Regulation: 12 U.S.C. 1735f- 7a
Purpose: The provisions of the constitution or the laws of any State expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved.
States that opted out or overroad DIDMCA: Colorado, Georgia, Hawaii, Idaho, Iowa, Kansas, Maine, Massachusetts, Minnesota, Nebraska, Nevada, North Carolina, South Carolina, South Dakota, and Puerto Rico.
Dodd-Frank Wall Street Reform and Consumer Protection Act
Statute/Regulation: H.R. 4173
Purpose: To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘‘too big to fail'', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.
Do-Not-Call Implementation Act (DNCIA)
Statute/Regulation: Public Law 108-10; 15 U.S.C. 6101 et seq.
Purpose: On June 27, 2003 the U.S. Federal Trade Commission opened the National Do Not Call Registry in order to comply with the Do-Not-Call Implementation Act. The Do-Not-Call Implementation Act of 2003 (Public Law No. 108-10, was H.R. 395 of the 108th Congress) was sponsored by representatives Tauzin and Dingell and signed by President Bush on March 11, 2003. This law establishes the FCC's National Do Not Call Registry in order to facilitate compliance with the Telephone Consumer Protection Act of 1991. This registry is intended to give United States consumers an opportunity to limit the telemarketing calls they receive.
Electronic Fund Transfer Act (EFTA)
Statute/Regulation: 15 U.S.C. 1693 et seq.; 12 CFR 1005.1 et seq. (Reg. E)
Purpose: Congress enacted the Electronic Fund Transfer Act (EFTA) in 1978 to provide a basic framework establishing the rights, liabilities and responsibilities of participants in electronic fund transfer systems. The act contains provisions with which the mortgage lending industry must be familiar.
Electronic Signatures in Global and National Commerce Act (E-Sign)
Statute/Regulation: 15 U.S.C. 7001 et seq.
Purpose: On June 30, 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act ("ESIGN" or "the Act"), to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically. Careful to preserve the underlying consumer protection laws governing consumers' rights to receive certain information in writing, Congress imposed special requirements on businesses that want to use electronic records or signatures in consumer transactions. Section 101(c)(1)(C)(ii) of the Act requires businesses to obtain from consumers electronic consent or confirmation to receive information electronically that a law requires to be in writing. The Act went into effect in October 2000.
Emergency Economic Stabilization Act (EESA)
Statute/Regulation: Public Law 110-343
Purpose: To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Equal Credit Opportunity Act (ECOA)
Statute/Regulation: 15 U.S.C. 16911 et seq.; 12 CFR 1002.1 et seq. (Reg. B)
Purpose: The Equal Credit Opportunity Act (the "Act") became effective on October 28, 1975. It is Title VII of the Consumer Credit Protection Act. The Act applies to both the Truth in Lending Act (15 USCS §§ 1601 et seq.) and the Consumer Leasing Act (15 USCS §§ 1667 et seq.). Its purpose is to require that financial institutions and other firms engaged in the extension of credit make that credit equally available to all creditworthy customers and prohibits discrimination against applicants for credit on the basis of race, color, religion, national origin, sex, or marital status and the like.
Fair and Accurate Credit Transactions Act (FACTA)
Statute/Regulation: Public Law 108-159
Purpose: To amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes.
Fair Credit Billing Act (FCBA)
Statute/Regulation: 15 U.S.C. 1666-1666j
Purpose: This Act, amending the Truth in Lending Act, requires prompt written acknowledgment of consumer billing complaints and investigation of billing errors by creditors. The amendment prohibits creditors from taking actions that adversely affect the consumer's credit standing until an investigation is completed, and affords other protection during disputes. The amendment also requires that creditors promptly post payments to the consumer's account, and either refund overpayments or credit them to the consumer's account.
Fair Credit Reporting Act (FCRA)
Statute/Regulation: 15 U.S.C. 1681 et seq.; 12 CFR 1022.1 et seq. (Reg. V)
Purpose: It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.
Fair Debt Collection Practices Act (FDCPA)
Statute/Regulation: 41 U.S.C. 1692 et seq.; 12 CFR 1006.1 et seq. (Reg. F); FTC Staff Commentary; FTC Staff Opinion Letters
Purpose: It is the purpose of this subchapter to eliminate abusive debt collection practices by debt collectors, to insure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent State action to protect consumers against debt collection abuses.
Fair Housing Act (FHA)
Statute/Regulation: 42 U.S.C. 3601 et seq.
Purpose: The intent of the Fair Housing Act is to make dwellings available for purchase or rent to all creditworthy individuals, regardless of their race, color, religion, sex, familial status, handicap, or national origin.
Federal Credit Union Act (FCUA)
Statute/Regulation: 12 U.S.C. 1751 et seq.; 12 CFR 700 et seq.
Purpose: In 1934, the U.S. Congress passed the Federal Credit Union Act, which President Roosevelt signed into law. The purpose of the federal law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions. This Act established the federal credit union system and created the Bureau of Federal Credit Unions, the predecessor to the NCUA, to charter and oversee federal credit unions. The general provisions in the Federal Act were based on the Massachusetts Credit Union Act of 1909, and became the basis of many other state credit union laws. Under the provisions of the Federal Credit Union Act, a credit union may be chartered under either federal or state law, a system known as dual chartering, which is still in existence today.
Federal Deposit Insurance Act (FDICIA)
Statute/Regulation: 12 U.S.C. 1811 et seq.
Purpose: An Act to established a Federal Deposit Insurance Corporation which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this Act, and which shall have the powers hereinafter granted.
Federal Trade Commission Act (FTC)
Statute/Regulation: 15 U.S.C. 41 et seq.; 12 CFR 303 et seq.
Purpose: Established the Federal Trade Commission. Under this Act, the Commission is empowered, among other things, to (a) prevent unfair methods of competition, and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers; (c) prescribe trade regulation rules defining with specificity acts or practices that are unfair or deceptive, and establishing requirements designed to prevent such acts or practices; (d) conduct investigations relating to the organization, business, practices, and management of entities engaged in commerce; and (e) make reports and legislative recommendations to Congress.
Financial Institutions Reform, Recovery and Enforcement Act (FIRREA)
Statute/Regulation: 12 U.S.C. 3301 et seq.
Purpose: The Financial Institutions Reform Recovery and Enforcement Act of 1989 (FIRREA) is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It was known as the bailout bill. It established the Resolution Trust Corporation (RTC) to close hundreds of insolvent thrifts and provided funds pay out insurance to their depositors. It moved thrift regulatory authority from the Federal Home Loan Bank Board to the Office of Thrift Supervision (OTS) (within the United States Department of the Treasury) to regulate thrifts.
Fraud Enforcement and Recovery Act (FERA)
Statute/Regulation: Public Law 111-21
Purpose: To improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.
Freedom of Information Act (FOIA)
Statute/Regulation: 5 U.S.C. 552; 12 CFR 1202.1 et seq.; Public Law 104-231
Purpose: Was enacted by Congress in 1966 to give the American public greater access to the Federal Government's records. The Electronic Freedom of Information Act Amendments of 1996 (Public Law 104-231) expanded the scope of the FOIA to encompass electronic records and require the creation of "electronic reading rooms" to make records more easily and widely available to the public.
Garn-St. Germain Depository Institutions Act (GSG)
Statute/Regulation: Public Law 97-320
Purpose: To revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.
Gramm-Leach-Bliley Act (GLBA)
Statute/Regulation: 15 U.S.C. 6801 et seq.; 6821 et seq.
Purpose: The provisions focus on the general topic of information sharing by financial institutions, including mortgage lenders and mortgage brokers, and the security of nonpublic personal records.
Helping Families Save Their Homes Act (HFSTHA)
Statute/Regulation: Public Law 111-22
Purpose: To prevent mortgage foreclosures and enhance mortgage credit availability.
Home Mortgage Disclosure Act (HMDA)
Statute/Regulation: 12 U.S.C. 2801 et seq.; 12 CFR 1003.1 et seq. (Reg. C)
Purpose: The purpose of this chapter is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located and to assist public officials in their determination of the distribution of public sector investments in a manner designed to improve the private investment environment.
Home Ownership and Equity Protection Act (HOEPA)
Statute/Regulation: 15 U.S.C. 1639; 12 CFR 1026.32
Purpose: Enacted in 1994, HOEPA amended the Truth in Lending Act (TILA) to impose additional disclosure requirements and limits on certain high-rate, high-fee loans.
Homeowners Protection Act (HOPA)
Statute/Regulation: 12 U.S.C. 4901 et seq.
Purpose: On July 29, 1998, Congress enacted the Homeowners Protection Act (HPA) or "PMI Cancellation Act," to require lenders to cancel mandatory private mortgage insurance (PMI) on residential mortgage loans under certain circumstances. The HPA also requires lenders to provide several disclosures regarding PMI cancellation - when the loan is originated, annually during the term of the loan, and when PMI terminates.
Housing and Economic Recovery Act (HERA)
Statute/Regulation: Public Law 110-289
Purpose: On July 30, 2008 the Housing and Economic Recovery Act (HERA) was signed into law and established the S.A.F.E. Act. HERA was designed to foster the recovery and revitalization of America's residential housing market which includes foreclosure prevention and consumer protection initiatives. To provide uniform licensing standards nationwide, the S.A.F.E. Act of 2008 mandates all states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators by August 1, 2009.
Interstate Land Sales Full Disclosure Act (ILSA)
Statute/Regulation: 15 U.S.C. 1701 et seq.; 24 CFR 30.55, 1710 et seq., 1715 et seq., 1720 et seq.
Purpose: In 1968 Congress enacted the Interstate Land Sales Full Disclosure Act (ILSA), which is patterned after the Securities Law of 1933 and requires land developers to register subdivisions of 100 or more non-exempt lots with HUD and to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement.
Junk Fax Prevention Act (JFPA)
Statute/Regulation: 47 U.S.C. 227; 12 CFR 64.1200
Purpose: On July 9, 2005, Congress enacted the Junk Fax Prevention Act to amend the unsolicited fax advertisement provisions of the Telephone Consumer Protection Act of 1991 ("TCPA") and directed the FCC to issue regulations to implement the statute. In April 2006, the FCC implemented changes to the facsimile (fax) advertising rules of TCPA. The new rules: (1) codify an established business relationship (EBR) exemption to the prohibition on sending unsolicited fax advertisements; (2) define EBR as used in the context of unsolicited fax advertisements; (3) require the sender of fax advertisements to provide specified notice and contact information on the fax that allows recipients to "opt-out" of any future transmissions from the sender; and (4) specify the circumstances under which a request to "opt-out" complies with the Act. Effective 08/01/06.
National Bank Act (NBA)
Statute/Regulation: 12 U.S.C. 21 et seq.
Purpose: The National Currency Act was a Federal law that established a system of national charters for banks. This encouraged development of a national currency based on bank holdings of U.S. Treasury securities. The Act also established the Office of the Comptroller of the Currency (OCC) as part of the Department of the Treasury. The law proved defective and was replaced with the National Bank Act of 1864 by President Lincoln. These laws established a new system of national banks and a new government agency headed by OCC.
National Housing Act (NHA)
Statute/Regulation: 12 U.S.C. 1701 et seq.
Purpose: The National Housing Act that was passed by Congress in 1934 and set up the Federal Housing Administration (FHA). This agency encouraged banks, building and loan associations, etc. to make loans for building homes, small business establishments, and farm buildings. If the FHA approved the plans, it would insure the loan. In 1937 Congress passed another National Housing Act that enabled the FHA to take control of slum clearance.
National Flood Insurance Act (NFIA)
Statute/Regulation: 42 U.S.C. 4001 et seq.; 12 CFR 339 et seq.; FDIC Financial Institution Letters on Flood Insurance - Summary Requirements, Compliance Monitoring Checklist, and Information Resources; FEMA - Flood Insurance Library and Laws and Regulations
Purpose: It is the purpose of this chapter to: (1) authorize a flood insurance program by means of which flood insurance can be made available on a nationwide basis through the cooperative efforts of the Federal Government and the private insurance industry, and (2) provide flexibility in the program.
Privacy Act (PA)
Statute/Regulation: Public Law 93-579; 5 U.S.C. 552a
Purpose: The Privacy Act of 1974 establishes a code of fair information practice that governs the collection, maintenance, use, and dissemination of personally identifiable information about individuals that is maintained in systems of records by federal agencies.
Privacy of Consumer Financial Information (PCFI-FRB)
Statute/Regulation: 12 CFR 1016.1 et seq. (Reg. P)
Purpose: The Federal Reserve Board, Regulation P, governs the treatment of nonpublic personal information about consumers by the financial institutions. This part: (1) Requires a financial institution to provide notice to customers about its privacy policies and practices; (2) Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties; and (3) Provides a method for consumers to prevent a financial institution from disclosing that information to most nonaffiliated third parties by "opting out" of that disclosure.
Privacy of Consumer Financial Information (PCFI-FTC)
Statute/Regulation: 16 CFR 313 et seq.
Purpose: This FTC regulation governs the treatment of nonpublic personal information about consumers by the financial institutions. This part: (1) Requires a financial institution to provide notice to customers about its privacy policies and practices; (2) Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties; and (3) Provides a method for consumers to prevent a financial institution from disclosing that information to most nonaffiliated third parties by "opting out" of that disclosure.
Real Estate Settlement Procedures Act (RESPA)
Statute/Regulation: 12 U.S.C. 2601 et seq.; 12 CFR 1024.1 et seq. (Reg. X); HUD's RESPA Home Page
Purpose: It is the purpose of this chapter to effect certain changes in the settlement process for residential real estate regarding advance settlement disclosures, elimination of kickbacks, reducing required escrow amounts and requiring better recordkeeping.
Right to Financial Privacy Act (RFPA)
Statute/Regulation: 12 U.S.C. 3401 et seq.
Purpose: Except as provided by section 3403 (c) or (d), 3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and certain excepts are applicable.
Sarbanes-Oxley Act (SOA)
Statute/Regulation: 15 U.S.C. 7201 et seq.
Purpose: The Sarbanes-Oxley Act of 2002 was signed into law on July 30th, 2002, and introduced significant legislative changes to financial practice and corporate governance regulation. The Act introduced stringent new rules with the stated objective: "to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws".
Servicemembers Civil Relief Act (SCRA)
Statute/Regulation: 50 U.S.C. App. 501 et seq.
Purpose: The act protects persons called to active military service and their dependents from undue hardship resulting from their military service. It does not relieve military personnel from their financial obligations; it may reduce applicable loan interest rates and suspend enforcement of their obligations until the ability to meet them is no longer materially affected by military service. It generally applies to obligations incurred before the military service, but it offers limited relief for certain obligations entered into during or after service.
Tax Relief and Health Care Act (TRHCA)
Statute/Regulation: Public Law 109-432
Purpose: The Act will extend tax relief for millions of American families and small businesses, and add momentum to our growing economy. It will maintain key tax reforms, expand our commitment to renewable energy resources, make it easier for Americans to afford health insurance, and help open markets overseas for our farmers and small businesses.
Telemarketing and Consumer Fraud and Abuse Prevention Act (TCFAPA)
Statute/Regulation: 15 U.S.C. 6101 et seq.; 16 CFR 310.4(b)(1) and .4(b)(3)
Purpose: The Congress finds: (1) Telemarketing differs from other sales activities in that it can be carried out by sellers across State lines without direct contact with the consumer. Telemarketers also can be very mobile, easily moving from State to State; (2) Interstate telemarketing fraud has become a problem of such magnitude that the resources of the Federal Trade Commission are not sufficient to ensure adequate consumer protection from such fraud; (3) Consumers and others are estimated to lose $40 billion a year in telemarketing fraud; (4) Consumers are victimized by other forms of telemarketing deception and abuse; (5) Consequently, Congress should enact legislation that will offer consumers necessary protection from telemarketing deception and abuse.
Telephone Consumer Protection Act (TCPA)
Statute/Regulation: 47 U.S.C. 227; 47 CFR 64.1200 et seq.
Purpose: The Telephone Consumer Protection Act of 1991 (TCPA) was signed by the United States Congress in 1991 as Public Law 102-243 by former President Bush, which updated the Communications Act of 1934. the Act governs the conduct of telephone solicitation, ie. telemarketing. Basically, the TCPA restricts the use of automatic dialing systems, artificial or prerecorded voice messages, and fax machines to send unsolicited advertisements.
Truth in Lending Act (TILA)
Statute/Regulation: 15 U.S.C. 1601 et seq.; 12 CFR 1026.1 et seq. (Reg. Z)
Purpose: Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
Truth in Savings Act (TISA)
Statute/Regulation: 12 U.S.C. 4301 et seq.; 12 CFR 1030.1 et seq. (Reg. DD)
Purpose: The purpose of this Act is to enable consumers to make informed decisions about accounts at depository institutions. This part requires depository institutions to provide disclosures so that consumers can make meaningful comparisons among depository institutions.
Unfair or Deceptive Trade Practices Statutes
Statute/Regulation: 15 U.S.C. 45; 57a; 12 CFR 227 et seq. (Reg. AA); 16 CFR 238 (Bait Advertising), 239 (Advertising of Warranties and Guarantees), 251 (Use of the Word "Free"), 255 (Use of Endorsements and Testimonials in Advertising), 310 (Telemarketing Sales), 433 (Preservation of Consumer Claims and Defenses) and 444 (Credit Practices).
Purpose: Federal law makes unfair or deceptive business practices illegal. The Federal Trade Commission (FTC) enforces this prohibition by adopting credit practice rules describing what are unfair or deceptive practices and by taking action against persons it believes are engaging in unfair or deceptive behavior.
USA Patriot Act (Patriot Act)
Statute/Regulation: Public Law 107-56
Purpose: This Act may be cited as the "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001". It is an Act to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes.
USA Patriot Improvement and Reauthorization Act
Statute/Regulation: Public Law 109-177
Purpose: An Act to extend and modify 14 of the 16 USA PATRIOT Act sections scheduled to expire at the end of 2005. It provides for greater congressional and judicial oversight of section 215 Foreign Intelligence Surveillance Act (FISA) business records orders and section 206 FISA roving wiretaps and calls for both sections to sunset at the end of 2009. It expands law enforcement wiretap authority to cover more than 20 federal crimes. It establishes judicial review and enforcement procedures for national security letters. It revises federal criminal provisions relating to seaport and maritime security. It reenforces federal money laundering and forfeiture authority particularly in connection with terrorist offenses. It intensifies federal regulation of foreign and domestic commerce in methamphetamine precursors. It foregoes all but technical modifications in federal capital punishment procedures. It makes organization adjustments in the Department of Justice and Secret Service.
