DESCRIPTION
There is no larger market than sales of goods to consumers. Though the opportunities for your clients are vast, selling to consumers is unlike selling to other businesses. Sales to consumers are governed by overlapping layers of regulations covering how those sales are financed, what warranties are implied by law versus expressly made by the seller, and – when need arises – debt collection of defaulted accounts. Failure to understand and comply with these layers of complexity can lead to consumer complaints and regulatory action, litigation and substantial liability. This program will provide you a framework for understanding the law of consumer sales, including financing those sales, express and implied warranties imposed by law, and debt collection from consumers.
Day 1:
- Essential law governing sales to consumers – sales law, finance, warranties
- Sales law – how consumer sales differ from commercial sales
- Consumer finance – securing the sales with collateral and anticipating defaults
- Role of the Uniform Consumer Credit Code and Reg Z
- Role of the new federal Consumer Financial Protection Bureau
Day 2:
- Understanding the role of implied and express warranties in consumer sales under federal law
- Limiting a seller’s exposure to warranties and otherwise managing risk
- Overview Fair Debt Collection Practices Act and the Consumer Credit Protection Act
- Permissible debt collection practices in consumer sales and potential liability
- Communications with debtors and third parties and required disclosures
- Best practices to avoid liability for businesses, lawyers, and law firms
Speaker:
Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property. He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities. Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee. Mr. Weise received his B.A. from Yale University and his J.D. from the University of California, Berkeley, Boalt Hall School of Law.
Disclaimer: All views or opinions expressed by any presenter during the course of this CLE is that of the presenter alone and not an opinion of the Oklahoma Bar Association, the employers, or affiliates of the presenters unless specifically stated. Additionally, any materials, including the legal research, are the product of the individual contributor, not the Oklahoma Bar Association. The Oklahoma Bar Association makes no warranty, express or implied, relating to the accuracy or content of these materials.