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Facts for Consumers: The Credit Practices Rule
This rule, "which became effective March l, l985, prohibits many creditors from including certain provisions in consumer credit contracts. It also requires creditors to provide a written notice to consumers before they cosign obligations for others about their potential liability if the other person fails to pay. Finally, it prohibits one method of assessing late charges." The site provides an overview of these requirements for consumer loan contracts. From the Federal Trade Commission (FTC).
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre12.shtm
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