UNM School of Law Professor Kevin V. Tu has recently been appointed to serve on the Uniform Law Commission's Study Committee on Alternative and Mobile Payment Systems.
Because new payment providers such as Bitcoin and mobile or alternative payment companies are currently being licensed and regulated differently in various jurisdictions, the Uniform Law Commission Committee on Scope and Program created the Study Committee on Alternative and Mobile Payment Systems to research and consider the need for and feasibility of enacting state legislation to regulate alternative and mobile payment systems.
The Study Committee will ultimately make a recommendation to the Committee on Scope and Program, which will deliver its own recommendation to the Uniform Law Commission's Executive Committee. Thereafter, the Uniform Law Commission may create at Drafting Committee to begin the process of preparing a draft act.
The Uniform Law Commission is a nonprofit unincorporated association comprised of commissioners from each state, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The Uniform Law Commission serves the states and their citizens by drafting state laws on subjects on which uniformity across the states is desirable and practicable. Now in its 122nd year, the Uniform Law Commission is the nation's oldest' state governmental association and is the source of more than 300 acts that secure uniformity of state law when differing laws would undermine the interest of citizens throughout the United States.
Among the Uniform Law Commission's most widely adopted acts are the Uniform Commercial Code, the Uniform Anatomical Gift Act, the Uniform Trade Secrets Act, the Uniform Child Custody Jurisdiction and Enforcement act, the Uniform Interstate Family Support Act, the Uniform Electronic Transactions Act, and the Uniform Transfers to Minors Act.
Tu's research focuses on regulatory issues impacting new and emerging payment systems. Tu's article "Regulating the New Cashless World," in the Alabama Law Review, tackles the challenges of regulating Internet and mobile payment systems, including the lack of uniformity and consistency across state laws by taking an in-depth look at the intersection of technology and consumer protection in the context of new and emerging payment systems. In the article, Tu seeks to resolve the apparent tension between the two, suggesting a framework for modernizing state money transmitter laws to accommodate new technology and innovative business models in the payments industry while still respecting the statutory purpose of consumer protection where appropriate.