Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardizing how costs associated with borrowing are calculated and disclosed

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

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

Internal Revenue Code: Federal tax regulations governing the tax implications of debt forgiveness, including requirements for reporting forgiven debt as income

State Usury Laws: State-specific laws that set maximum interest rates and regulate lending practices within the state's jurisdiction

State Promissory Note Requirements: State-specific rules governing the format, content, and execution of promissory notes

State Statutes of Limitations: State laws determining the time limit for legal action to collect on a debt or enforce a promissory note

Statute of Frauds: Legal doctrine requiring certain contracts, including promissory notes, to be in writing and signed to be enforceable

Fair Debt Collection Practices Act: Federal law regulating the conduct of debt collectors and protecting borrowers from abusive collection practices

IRS Form 1099-C Requirements: Federal requirements for reporting canceled debt to the IRS and the borrower when debt is forgiven