Payment Systems will be a general overview of the mechanisms for making payments. Building off an initial focus on negotiable instruments (e.g., checks), the course will dive into other payment systems, including credit cards, debit cards, ACH payments, wire transfers, and emerging issues with the regulation of mobile payments and digital assets. We’ll address uniform state laws (e.g., UCC Articles 3, 4, and 4A), applicable federal statutes and regulations (e.g., he Truth-in-Lending Act, and the Electronic Fund Transfers Act), as well as proprietary network rules and regulations.
In looking at these different frameworks, we’ll consider how risk is allocated among the different participants, countermands, and defenses on the underlying contracts between participants. Beyond the specifics of payments, the course is designed to give students a perspective on practicing as a regulatory lawyer (especially as an in-house regulatory lawyer), with a focus on statutory analysis and how to effectively translate that analysis into practical commercial counseling.