print email comment close Facts for Consumers: The Credit Practices Rule URL: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre12.shtm Description: 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). Publisher: Federal Trade Commission (FTC) LII Database Information: Record 24863 created by Maria Brandt on 11/05/2007 Last modification on 09/12/2008 Published: 11/14/2007   Funding agency: California State Library LII Item ID: http://lii.org/cs/lii/view/item/24863