Legal Question in Business Law in Florida
Help for a Small Business
Do the FTC and FDCA apply to small businesses in the state of Florida? If so aren't creditors required to adhere to the statue of how and when they call a business?
Are creditors obligated to honor the same repayment options that they would an individual?
1 Answer from Attorneys
Re: Help for a Small Business
You mean the FDCPA? No, it does not apply to businesses.
The Federal Trade Commission (FTC) has many, many regulations that apply to businesses, but most of them are to protect consumers from businesses, not businesses from collectors.
I'm not sure what repayment options you're talking about. Creditors aren't obligated to offer repayment options to businesses or consumers, but if they are offered and accepted in writing, they must be honored.
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