Consumer Financial Services
The Consumer Financial Services Group at Barrett McNagny LLP represents financial service providers, including retail installment sellers, in connection with their provision of consumer financial services. Members of the group have significant experience in all aspects of consumer credit compliance, consumer credit agreements and documentation.
Consumer Credit Compliance
Our attorneys assist clients in complying with the various state and federal consumer compliance laws. On the federal level, we regularly provide advice with respect to the laws of general application, including the Truth-in-Lending Act and Regulation Z, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Electronic Funds Transfer Act, and the privacy provisions of the Gramm-Leach-Bliley Act. Due to the variety of institutions that we represent, we are familiar with the consumer finance aspects of the federal statutes and regulations which are applicable to specific types of institutions and businesses.
Providing advice on state regulatory matters is also a key part of our practice. We handle all types of issues that arise under Indiana's version of the Uniform Consumer Credit Code, including usury limitations, limitations on fees and charges and licensing concerns. We also provide guidance respecting limitations that arise under Indiana's Unfair and Deceptive Trade Practices Act and with respect to the various Indiana statutes that relate to specific institutions or industries.
Consumer Credit Agreements and Documentation
The Consumer Financial Services Group focuses on the preparation of all types of consumer financial services agreements and documentation. We have significant experience in the preparation of promissory notes, loan agreements, mortgages, retail installment sales contracts, disclosure documents and other documentation relating to the relationships between financial institutions and consumers. We also regularly review agreements and documentation prepared by others for compliance with applicable law.
The combination of commercial and consumer financial law experience within the group makes us uniquely qualified to negotiate and draft agreements between the various participants in the financial services industry. Specifically, we have negotiated and drafted joint venture agreements between financial service providers, agreements between financial service providers and dealers or other originators, and between service providers looking to outsource certain aspects of their operations and the providers of such services.
The experience we have developed in connection with document drafting, including an intimate working knowledge of Articles 2 and 9 of the Uniform Commercial Code and various state lien laws, also allows us to service clients in other ways. For example, we have been involved in providing legal opinions in connection with securitization transactions, and assisted financial institutions with perfection and remedy issues arising under the Uniform Commercial Code.
The Consumer Financial Services Group handles mortgage foreclosure actions on behalf of mortgage lenders and collections under motor vehicle retail installment sale contracts. We focus on mortgage foreclosures in Northeast Indiana and are generally willing to handle such services on a fixed fee basis.
We also provide advice to others, including attorneys, on various aspects of the Fair Debt Collection Practices Act and, as part of our litigation practice, defend those that are sued for violations of the Act. We have assisted financial institutions in developing their internal collection practices and can help navigate the Indiana statutes relating to collection agencies and collection activities.
The laws respecting consumer finance are often changing. The lawyers of the Consumer Financial Services Group are committed to keeping up with these changes and assisting clients in conforming to the latest standards and requirements.