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As mentioned above, the Uniform Consumer Credit Code was established in 1968 as a means of protecting consumers from fraudulent and suspicious lending practices. <\/b><\/p>
Changes were made in 1974 to update the code as the financial industry and regulatory environment changed.<\/b><\/p>\n
The Code was developed by the National Conference on Unification of Commissioners, also known as the Unified Law Commission. <\/b><\/p>
The commission was established in 1892 to provide the states with statutory stability and clear legislation. <\/b><\/p>
The United States, the District of Columbia, Puerto Rico, and the US Virgin Islands appoint a total of 350 commissioners who are attorneys by profession.<\/b><\/p>\n
The Unified Law Commission is responsible for more than 300 different individual laws, including the Uniform Consumer Credit Code and the Uniform Commercial Code (UCC). <\/b><\/p>
UCC is a set of laws and regulations designed to help standardize business transactions between organizations in different states. <\/b><\/p>
This code was created in 1952 to resolve issues faced in business transactions by out-of-state companies. Now widely adopted by all states, UCC has laws and standards that regulate activities such as lending and banking.<\/b><\/p>\n
Other tools developed by the committee cover a wide range of subjects, such as family and domestic law, real estate, wills, commercial law, dispute resolution, trusts, and inheritance law.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t