Shmoop Finance

The Uniform Consumer Credit Code (UCCC...or U3C, fwiw) is the consumer credit transaction rulebook. It’s useful for banks who don’t want to get in trouble, and for consumers who don’t want to get screwed over by banks.

The U3C, as the cool kids call it, lays out the rules for all types of credit products and situations. Getting a mortgage, refi, or taking out a lien on your home? A new credit card, or maybe an auto loan? Student loans? All included. Plus situations like fraud, identity theft, disclosing information that the consumer has a right to know, ceasing charging private mortgage insurance when there’s 22% equity in the house...all that fun stuff is in there, too. Of note, there are limits for the interest rates that lenders can charge consumers, depending on the loan type.

The UCCC has been around since 1968, written by the National Conference of Commissioners on Uniform State Laws. What a fun conference that was.

While it’s not officially law in itself, most things in there have been written into state’s credit laws. And a lot of stuff in there overlaps with basic contract law, too. The whole thing is law in Colorado, Idaho, Indiana, Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah, Wisconsin, and Wyoming, and virtually all states have at least some of it incorporated into their state laws.