Credit Practices Rule Check

Live. FTC Credit Practices Rule for consumer contracts: confessions of judgment, wage assignments, household-goods liens, cosigner notice and late-fee pyramiding.

Send up to 2,000 consumer credit contracts with the originator type and the terms. Applies 16 CFR 444: no confession of judgment (Louisiana executory process allowed), no waiver of exemptions beyond the collateral, no wage assignment unless revocable, payroll deduction or earned wages (and no deductions after revocation), no non-purchase-money lien on household goods; the cosigner notice given before the cosigner is obligated, as a separate document, compared sentence by sentence with the 444.3 text (or a state notice under 444.5); and no late fee on a full, timely payment just because an earlier late fee is unpaid. Banks and federal credit unions fall outside the FTC rule and are flagged for their own regulators. Not legal advice. Nothing stored.

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