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Consumer Banking and Payments Law: G.6 Model Stored Value Card Protection Act
[Editor’s Note6]
1. Coverage.
This Act is intended to provide uniform standards, require transparent and fair terms, and simplify the rules governing electronic payments devices which are not comprehensively covered by other federal laws. This Act is a consumer protection act designed to ensure that the use of electronic payment devices facilitates commerce while the interests of consumers are protected. This Act shall be construed liberally to further its purpose to protect consumers.
Consumer Banking and Payments Law: Introduction
The following analysis lists the citation and enactment date of state adoptions of the Uniform Electronic Transactions Act (UETA) and describes (1) any state variations from the uniform version of UETA, (2) whether a state has enacted E-Sign’s consumer protections, or (3) whether E-Sign’s consumer protections apply because of the timing of the enactment of state law. A state’s version of UETA supersedes certain E-Sign provisions.
Consumer Banking and Payments Law: ALABAMA
Ala. Code §§ 8-1A-2 to 8-1A-20
Date enacted: The Act was approved May 15, 2001, and effective January 1, 2002.
Non-Uniform Sections: § 8-1A-2(4): adds a definition of consumer; § 8-1A-8(e): restates language from 101(c); § 8-1A-13(b), admissibility in evidence: to determine authenticity and attribution, adds unique identifier language.
Consumer Banking and Payments Law: ALASKA
Alaska Stat. §§ 09.80.010 to 09.80.195
Date enacted: The Act was approved June 29, 2004, and effective July 1, 2004.
Non-Uniform Sections: § 09.80.130: adds a definition of “transferable record”; § 09.80.190: adds a definition of “Uniform Commercial Code.”
Consumer Banking and Payments Law: ARIZONA
Ariz. Rev. Stat. Ann. §§ 44-7001 to § 44-7061
Date enacted: The Act was approved April 17, 2000.
Consumer Banking and Payments Law: ARKANSAS
Ark. Code Ann. §§ 25-32-101 to 25-32-122
Date enacted: The Act was approved and effective March 19, 2001.
Non-Uniform Sections:§ 25-32-122: adds provision entitled “Signatures and records secured through blockchain technology—Definitions” (effective July 24, 2019, and 2021).
Consumer Banking and Payments Law: CALIFORNIA
Cal. Civ. Code §§ 1633.1 to 1633.17 (West)
Date enacted: The Act was effective January 1, 2000.
Consumer Banking and Payments Law: COLORADO
Colo. Rev. Stat. §§ 24-71.3-101 to 24-71.3-121
Date enacted: The Act was approved and effective May 30, 2002.
Non-Uniform Sections: § 24-71.3-102: adds qualification to definition of “transaction”; § 24-71.3-118: deletes certain subprovisions.
Consumer Banking and Payments Law: CONNECTICUT
Conn. Gen. Stat. §§ 1-266 to 1-286
Date enacted: The Act was approved May 23, 2002, and effective October 1, 2002.
Consumer Banking and Payments Law: DELAWARE
Del. Code Ann. tit. 6, §§ 12A-101 to 12A-117 (after E-Sign enactment, but before effective date)
Date enacted: The Act was approved and effective July 14, 2000.
Non-Uniform Sections: § 12A-117, choice of forum: added section not in uniform law; statute omits optional uniform law sections on government.
E-Sign Consumer Protections: not explicit.
Consumer Credit Regulation: 11.5.4.6 Force-Placed Insurance
Unraveling the terms and amount due for motor vehicle credit is often complicated by the presence of force-placed insurance, which itself can involve any number of abuses. RISCs almost universally require that the consumer maintain collision, fire, and theft insurance on the vehicle being purchased on credit. If the consumer never purchases that insurance or lets it lapse, the credit agreement typically authorizes the creditor to purchase this insurance for the consumer and add the cost onto the amount owed, financing it on the same terms as the underlying obligation.
Consumer Credit Regulation: 11.6.1 Introduction
This section provides a list of notable subjects that may arise in automobile sales and finance transactions, pinpointing the subsections where such topics are discussed in this and other NCLC treatises. The references to sections of various NCLC treatises are all live links, but the link will provide access only if a subscription includes the applicable referenced treatise.
Consumer Credit Regulation: 11.6.2 Legal Claims
Dealer Sales Tactics
Consumer Credit Regulation: 11.6.3 Investigation and Litigation
Investigation Techniques and Discovery
Consumer Credit Regulation: 11.7.1 Overview and Background
Manufactured home credit sales and other manufactured home financing raise special issues not applicable to motor vehicle or other types of installment sales. This difference results both from the ways the manufactured homes are sold and from the fact that manufactured homes involve a consumer’s residence.
Consumer Credit Regulation: 11.7.2 State Installment Sales and Other Credit Statutes
A RISA, an MVRISA, or a special manufactured home installment sales statute will typically apply where a dealer originates the credit to purchase a manufactured home (particularly where the dealer is not simultaneously selling a lot to site the home).549 This credit sale is an installment sale involving personal property.
Mortgage Lending: 8.5.1 Generally
Mortgage insurance insures a mortgage holder against loss caused by a borrower’s default.
Consumer Credit Regulation: 11.7.3 Federal Preemption of State Law Credit Terms
A number of different forms of federal preemption may impact the ability of a state installment sales act to regulate the terms of manufactured home credit. Since by definition installment sales credit is originated by a dealer and not by a federal or federally insured depository, rate exportation does not apply.550 Rate exportation only applies where a depository originates the credit.
Consumer Credit Regulation: 11.7.4 Truth in Lending Act
The disclosure requirements of the Truth in Lending Act (TILA) apply to manufactured-home credit just as they would to any other credit transaction. TILA also places a number of substantive limits on residential mortgage transactions. Because TILA defines the term “dwelling” to include manufactured homes,559 these substantive limits generally apply to manufactured-home finance, whether state law treats them as personalty or realty.
Consumer Credit Regulation: 11.7.5 Real Estate Settlement and Procedures Act
The federal Real Estate Settlement Procedures Act (RESPA) and its Regulation X provide protection for consumers buying a home. When RESPA applies, it requires disclosures about closing costs both before and at the time of settlement, notices about escrow accounts and servicing transfers, and the right to obtain account information through a written request that meets certain requirements. RESPA also prohibits kickbacks and unearned fees for settlement services, charges for preparation of certain documents, and the steering of borrowers to a particular title insurance company.
Consumer Credit Regulation: 11.7.6 Federal Rebate Statute
The federal rebate statute requires rebates to be calculated by a formula at least as fair to the consumer as the actuarial method, for transactions with terms longer than sixty-one months.586 This statute applies to any credit, whether it is mortgage or chattel credit. Since most manufactured home credit has a term exceeding sixty-one months, federal law requires use of an actuarial rebate for manufactured home installment credit even if the state RISA does not.
Collection Actions: 15.3.5 FEMA Disaster Relief Assistance
One of the primary federal programs available to help individual victims of disaster is the Individuals and Households Program (IHP), administered by the Federal Emergency Management Agency (FEMA).357 One component of IHP is housing assistance,358 which may be used to pay for rent, repair, or housing construction.
Consumer Credit Regulation: 11.7.7.1 Differences Between State Personalty and Realty Law
A manufactured home, when sold by a dealer and not in conjunction with a land sale, invariably is considered personal property for purposes of the operation of state law. Whether the home is treated as personalty (i.e., a chattel) or realty becomes more complicated once the home is sited on land, and this distinction may have major consequences for the home’s treatment both by state law and by the creditors themselves.
Consumer Credit Regulation: 11.7.7.2 Are Manufactured Homes Categorized as Realty or Personalty?
Most states have statutes that specify if and when manufactured homes can be classified as real property. This classification may apply if the home is attached to land that the homeowner owns, or, in some states, is renting on a long-term lease.597 The statues often set forth a procedure for a manufactured home to become real property,598 but the statute may be unclear as to whether this is the only process to convert the home to real property.