The Uniform Consumer Credit Code (UCCC...or U3C, fwiw) is the consumer credit transaction rulebook. It’s useful for banks who don’t want to get in trouble, and for consumers who don’t want to get screwed over by banks.
The U3C, as the cool kids call it, lays out the rules for all types of credit products and situations. Getting a mortgage, refi, or taking out a lien on your home? A new credit card, or maybe an auto loan? Student loans? All included. Plus situations like fraud, identity theft, disclosing information that the consumer has a right to know, ceasing charging private mortgage insurance when there’s 22% equity in the house...all that fun stuff is in there, too. Of note, there are limits for the interest rates that lenders can charge consumers, depending on the loan type.
The UCCC has been around since 1968, written by the National Conference of Commissioners on Uniform State Laws. What a fun conference that was.
While it’s not officially law in itself, most things in there have been written into state’s credit laws. And a lot of stuff in there overlaps with basic contract law, too. The whole thing is law in Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah, Wisconsin, and Wyoming, and virtually all states have at least some of it incorporated into their state laws.
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Finance: What is the Credit Rating Agenc...4 Views
Finance allah shmoop what is the credit rating agency reform
act of two thousand six otherwise known as crack are
out out something like that All right yeah that's How
the real pros said anyway this act was meant to
improve the quality of company credit ratings like a blindfold
and dartboard should not be involved in making up are
you know coming up with corporate credit ratings Well the
law was ironically enacted in the hope that we would
avoid nightmares like the subprime mortgage crisis that almost brought
down the finances of while the entire country in world
And yes it worked in the same way that a
scale works in an embarrassing episode of the biggest loser
The idea was that the big three agencies moody's s
and p and fitch were colluding with each other and
raiding every security as a okay sort of the same
way wall street cell site analysts were leaned upon in
the nineties by bankers who paid them to rate every
company of strong by so that the companies would favor
the investment banks when doing lucrative secondary offerings and other
personal wealth management services for the founders and senior executives
Newly ridge from you know aipo booty The big three
then produced a product that wasn't reflective of the real
risks inherent in the marketplace Basically they had been labeling
pink slime and hot dog meat as great a sirloin
Yeah well the act made it much easier for smaller
firms to compete for business by doing high quality research
and not being afraid to give bad ratings tow bad
money butchers will The credit rating agency reform act of
o sixth gives both businesses and the government the tools
they need to fight off the shady hucksters of the
world And make sure the pink slime never you know 00:01:55.443 --> [endTime] such a cz your plate financially
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