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Debt Sale Agreement for the United States

Debt Sale Agreement Template for United States

A Debt Sale Agreement is a legally binding contract used in the United States for the transfer of debt portfolios from one party to another. The agreement is governed by federal regulations including the FDCPA and FCRA, as well as state-specific debt collection and consumer protection laws. It details the terms of sale, purchase price, representations and warranties, and compliance requirements for the transfer of debt obligations.

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What is a Debt Sale Agreement?

The Debt Sale Agreement is essential when transferring ownership of debt portfolios in the United States. This document is used when financial institutions, creditors, or debt owners wish to sell their debt portfolios to debt buyers or collection agencies. The agreement must comply with federal regulations such as the FDCPA and FCRA, along with state-specific requirements. It typically includes detailed information about the debt portfolio, purchase price, representations about the validity of the debt, and post-sale obligations.

What sections should be included in a Debt Sale Agreement?

1. Parties: Identifies the seller and purchaser of the debt, including full legal names and addresses

2. Background: Describes the context of the debt sale, nature of the debt, and purpose of the agreement

3. Definitions: Defines key terms used throughout the agreement including 'Debt Portfolio', 'Cut-off Date', 'Purchase Price'

4. Sale and Purchase: Core terms of the sale including purchase price, payment terms, and transfer mechanics

5. Representations and Warranties: Seller's warranties about the debt portfolio and purchaser's warranties about their authority to purchase

6. Completion: Details of when and how the transfer will complete, including conditions precedent

7. Post-Completion Obligations: Obligations of both parties after the sale completes, including documentation transfer

What sections are optional to include in a Debt Sale Agreement?

1. Put-Back Rights: Right to return ineligible accounts to seller - use when purchaser wants ability to return accounts that don't meet agreed criteria

2. Forward Flow Provisions: Terms for ongoing sale of future debt - use when agreement covers recurring sales of debt

3. Transition Services: Services provided by seller post-sale - use when seller agrees to provide temporary support services

What schedules should be included in a Debt Sale Agreement?

1. Debt Portfolio Schedule: Detailed list of accounts being sold including account numbers, balances, and key information

2. Eligibility Criteria: Specific criteria that each debt account must meet

3. Form of Transfer Notice: Template for formal notice of transfer to debtors

4. Due Diligence Materials: List of documents provided during due diligence

5. Pricing Schedule: Detailed breakdown of purchase price calculation

6. Required Documentation: List of documentation to be delivered at completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Document Type

Sale Agreement

Cost

Free to use
Clauses






























Industries

Fair Debt Collection Practices Act (FDCPA): Federal law that restricts debt collection practices and provides guidelines for debt collectors' behavior, communication methods, and consumer rights.

Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information, including requirements for reporting debt sales and transfers.

Consumer Financial Protection Bureau (CFPB) Regulations: Federal regulatory framework that oversees consumer financial products and services, including debt sales and collection practices.

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardizing the manner in which costs associated with borrowing are calculated and disclosed.

Dodd-Frank Wall Street Reform: Comprehensive federal law that reformed various aspects of the financial industry, including consumer protection and debt collection practices.

Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive data, crucial for debt sales involving consumer information.

State Debt Collection Laws: State-specific regulations that may impose additional requirements beyond federal laws for debt collection and sales within particular states.

State Usury Laws: State-specific regulations governing maximum interest rates and related charges that can be applied to debts.

State Licensing Requirements: State-specific rules requiring debt buyers to obtain proper licensing or registration before purchasing or collecting debts.

UCC Article 9: Uniform Commercial Code article governing secured transactions, including the sale of payment rights and security interests in financial assets.

UCC Article 3: Uniform Commercial Code article governing negotiable instruments, relevant for the transfer of promissory notes and other debt instruments.

UCC Article 2: Uniform Commercial Code article governing sales, which may apply to certain aspects of debt sales transactions.

OCC Guidelines: Office of the Comptroller of the Currency regulations governing national banks' debt sales practices and requirements.

Federal Reserve Board Regulations: Federal Reserve guidelines affecting banking institutions' debt sales practices and compliance requirements.

FDIC Regulations: Federal Deposit Insurance Corporation rules governing insured institutions' debt sales practices and safety and soundness requirements.

State Privacy Laws: State-specific regulations governing the protection and handling of consumer private information during debt sales transactions.

Data Security Regulations: Federal and state requirements for securing and protecting consumer data during debt sales and transfers.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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