The subject matter of this course is relevant to those interested both in Consumer Law and in Business Law.
The first, and principal, part of the course will explore the legal implications of various methods of paying for goods and services, i.e. payment by check, credit card, debit card, electronic fund transfers, etc. We will look at the rights and obligations of banks, clearing houses, bank customer, etc. We will focus on the protections given to consumers, such as those who make payment, under both state law and Federal law, including protections provided by the Federal Reserve and the Federal Trade Commission.
Article 3 and 4 of the Uniform Commercial Code will be covered as well and parts of the Federal Truth in Lending Act, the Expedited Funds Transfer Act, the Dodd-Frank Wall Street Reform Act, the Electronic Fund Transfer Act, and the Credit Card Accountability Act. One objective of the course is to introduce students to the federal system of regulations and commentary promulgated by the Federal Reserve Bank, the Federal Trade Commission and the recently established Consumer Financial Protection Bureau..
The Statutes and Regulation will be approached both from the standpoint of the industry regulated and the protection of consumers.
The second part of the course will cover the concept of negotiability which alters the basic property principle that a transferee of property obtains no greater rights than his or her transferor. The concept is of significant importance in the context of mortgage foreclosures.