Uniform Consumer Credit Code (West's Encyclopedia of American Law)
The Uniform Consumer Credit Code (UCCC) is a model statute that provides standards for credit transactions entered into by individuals who purchase, use, maintain, and dispose of products and services. The UCCC was originally approved by the National Conference of Commissioners on Uniform State Laws in 1968. It was revised in 1974 following criticism from consumer groups and has been adopted in nine states: Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, Utah and Wyoming. South Carolina and Wisconsin have enacted CONSUMER PROTECTION codes that are substantially similar to the UCCC, and many states have included particular provisions from it in their CONSUMER CREDIT laws.
The UCCC is designed to provide protection to consumers who buy goods and services on credit. It attempts to simplify, clarify, and update legislation governing consumer credit and USURY, which is the illegal charging of high interest rates. The UCCC also sets ceilings on the rates consumers can be charged for credit.
Other provisions protect consumers against unfair practices by certain consumer credit sup-pliers by limiting the ability of creditors to use state court systems to execute on a consumer debtor's assets or to garnish a consumer debtor's wages. In addition, confession of judgment clauses are barred from consumer credit contracts. Such clauses require...
(The entire section is 400 words.)
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