The Law & Policy of Modern Consumer Payment Systems (T Br*wn)

The course will examine the legal and policy issues raised by modern consumer payment systems. Modern systems, particularly payment card networks, have largely supplanted more traditional means of payment for most consumer transactions. The change in how consumers pay for goods and services has been accompanied by a dramatic increase in the complexity of the law that governs these systems. Federal legislation and regulation, state law and private contracts all play a role in governing these systems and allocating the costs and benefits associated with participating in such systems among the many participants. This course will focus on payment card networks such American Express and Visa, on-line money transmission systems such as PayPal, and check clearing systems generally known by the acronym ACH. The course will look at several issues including regulatory structure, privacy, consumer protection, corporate structure and the price of payments. No prerequisites are necessary.

Exam Notes: TH