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Consumer Protection Laws and Your Rights

Mortgage Library: Consumer Protection Laws

 RESPA - Real Estate Settlement Procedures Act

The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute. It covers one-to-four family residential property purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit.

The Truth in Lending Act requires creditors to disclose in writing certain cost information, such as the annual percentage rate ("APR"), before consumers enter into credit transactions.

Text: United States Code Title 15 Chapter 41 - Consumer Credit Protection � 1601 et seq.

The Equal Credit Opportunity Act prohibits credit discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance.

Text: United States Code Title 15 Chapter 41 - Consumer Credit Protection � 1691 et seq.

The Fair Credit Reporting Act (FCRA) is the federal law regulating credit reporting companies. It ensures the accuracy and privacy of information kept by credit bureaus and consumer reporting agencies. This law protects consumers' rights, such as the right to review and contest information in their credit profiles.
Summary of Consumer Rights

Text of Fair Credit Reporting Act as amended by Public Law 104-208 (Sept. 30, 1996). The amendments benefit consumers by strengthening privacy provisions and defining more clearly the responsibilities and liabilities of businesses that provide information to and access data from credit reporting agencies. The amendments go into effect on September 30, 1997.

The Fair Debt Collection Practices Act prohibits debt collectors from engaging in unfair, deceptive, or abusive practices, including over-charging, harassment, and disclosing consumers' debt to third parties.

Text: United States Code Title 15 Chapter 41 - Consumer Credit Protection � 1692 et seq.

The Fair Housing Act Your Rights

The Fair Housing Act and HUD's regulations contain more detail and technical information. If you need a copy of the law or regulations, contact the HUD Office nearest you.

The National Housing Act

Text: United States Code Title 12 Chapter 13 - National Housing � 1701 et seq.

The Interstate Land Sales program protects consumers from fraud and abuse in the sale or lease of land. In 1968 Congress enacted the Interstate Land Sales Full Disclosure Act, 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.

Interstate Land Sales

Final Rule for Loans in Areas Having Special Flood Hazards

Compilations of U.S. laws and links to the other law resources of the Internet:

GPO Access is a service of the U.S. Government Printing Office that provides free electronic access to Federal Government information.

The Code of Federal Regulations

Law materials compiled by the Cornell University Law School

Law Office Information System The company currently offers access to comprehensive law libraries (case law, statutes, administrative codes, court rules, jury instructions, attorney general opinions, etc).

State Statutes on the Internet:

State Property Law Statutes

State Statutes Dealing with Government Regulation of Land Use (County- Local- Municipal)

Municipal Code Corporation Includes a searchable database of local government Codes of Ordinances from around the United States.

Related Links:

If You Have a Complaint

Federal Agencies and State Government Links to federal, state and local government Internet sites.

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