Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about terms and costs associated with lending, ensuring transparency in consumer credit transactions

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending practices based on race, color, religion, national origin, sex, marital status, age, or participation in public assistance programs

Fair Credit Reporting Act (FCRA): Federal law regulating the collection, dissemination, and use of consumer credit information, including requirements for reporting loan status

Dodd-Frank Act: Comprehensive financial reform legislation that established enhanced consumer protection and regulatory oversight in financial transactions

State Usury Laws: State-specific regulations that set maximum interest rates and define what constitutes usurious lending practices within the state's jurisdiction

Internal Revenue Code Section 108: Federal tax provision governing the treatment of debt forgiveness, including requirements for reporting cancelled debt as taxable income with certain exceptions

UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments, including promissory notes, their creation, transfer, and enforcement

State Statute of Limitations: State-specific time limits within which legal action must be taken to enforce the terms of a promissory note

Bankruptcy Laws: Federal laws governing debt discharge and reorganization, which may affect the enforceability and treatment of forgivable loans in bankruptcy proceedings

Form 1099-C Requirements: IRS reporting requirements for cancelled debt, mandating lenders to issue Form 1099-C when forgiving debt above certain thresholds