Here are four more Borrower Protection Laws:
The Federal Trade Commission Improvement Act
This 1980 law authorizes the Federal Reserve to identify unfair or deceptive acts or practices by banks and to issue regulations to prohibit them. It is similar to the Fair Debt Collection Practices Act (which is enforced by the FTC). Since the law’s inception, the Federal Reserve has adopted similar rules that restrict certain consumer debt collection practices.
The Gramm-Leach-Bliley Act
This law governs the privacy of consumer financial information, and imposes limitations on financial institutions on the disclosure of consumers’ personal information to third parties, and also provides a method for consumers to opt out of information sharing. Financial institutions are also required to notify consumers about their privacy policies and practices.
The Home Equity Loan Consumer Protection Act of 1988
Congress enacted this law in 1988 to protect consumers against unconscionable terms included in home equity loans. It places restrictions on home equity loan offers, and requires lenders to provide consumers with detailed information about the loans they offer, including a brochure describing home equity loans in general. It also regulates the advertising methods employed by of home equity loans and restricts the terms of home equity loan plans.
The Homeowners Protection Act of 1998
This law established rules for automatic termination and borrower cancellation of private mortgage insurance (PMI) on home mortgages.
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