Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculation of finance charges and annual percentage rates.
Dodd-Frank Wall Street Reform and Consumer Protection Act: Federal legislation that imposes restrictions on seller financing and requires compliance with ability-to-repay rules for residential properties.
SAFE Act: Federal law establishing minimum standards for state licensing and registration of mortgage loan originators, which may affect seller financing arrangements.
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or public assistance status.
Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information, relevant if credit checks are performed.
State Usury Laws: State-specific regulations that set maximum legal interest rates for financing arrangements.
State-Specific Seller Financing Restrictions: Individual state laws that may limit or regulate seller financing arrangements, including licensing requirements and transaction limits.
State Real Estate Laws: State-specific regulations governing real estate transactions, including required disclosures and documentation.
State Mortgage and Deed of Trust Laws: State-specific requirements for securing the financing through mortgages or deeds of trust.
State Consumer Protection Laws: State-specific regulations protecting consumers in financial transactions, including required disclosures and prohibited practices.
Local Recording Requirements: County or municipal requirements for recording seller financing documents and related fees.
Garn-St. Germain Act: Federal law affecting due-on-sale clauses and their enforcement in seller financing situations.
IRS Regulations: Federal tax regulations governing installment sales and reporting requirements for seller financing arrangements.
