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Credit Practices RuleThe Credit Practices Rule prohibits lenders from using certain remedies, such as confessions of judgment, wage assignments, and nonpossessory, nonpurchase money, security interests in household goods.
It requires creditors to provide a written notice to potential co-signers about their obligation and responsibility if the other person fails to pay, prohibits late charges in some situations, and prohibits creditors from using certain contract provisions that the government found to be unfair to consumers.
For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.
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