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Loan originators and others who provide financing to consumers are subjected to close regulation by state and federal agencies. An experienced law firm will provide valuable insight, ensuring your organization remains compliant and streamlining processes to eliminate potentially costly mistakes. Understanding the various aspects of consumer finance law will help you find the best legal professional.

Loan Organization

The loan origination process can be complex, and each step presents the opportunity for mistakes and unnecessary delays. Many lenders are adopting automated programs that provide faster, more reliable responses to these applications, but properly applying this technology often requires legal guidance from an experienced law firm.

Default Debt Collection

law firmIf borrowers fail to pay back on debts they owe, lenders must abide by the Fair Debt Collection Practices Act, which limits what you’re allowed to do or say. To maintain compliance with the law and avoid harsh penalties, many lenders choose to outsource these practices to a law firm, who will have the expertise to collect on defaulted debts.

In some instances, you may need to file lawsuits against defaulted creditors to collect on unpaid balances. Deciding whether litigation is worth the expense and properly preparing your case is best left to a skilled attorney. After winning a suit, they will also be able to initiate collection proceedings, such as wage garnishments or asset seizure, to ensure you get the full value of your judgment.

 

Whether you’re a small startup or an established financial institution, Greene Law, P.C., offers the expertise you need to stay ahead of this rapidly changing industry. The accomplished law firm provides businesses throughout Farmington, CT, with detailed legal counsel to protect their rights and best interests. Visit their website to learn more about their consumer finance services, follow their Facebook for more tips and advice, and call (860) 676-1336 to schedule a consultation today.

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