Understand the regulatory backdrop that repayment agreements are subject to.
Many businesses consider entering into repayment agreements with their employees or customers. Repayment involves paying money back that was previously borrowed. This presentation will discuss reasons for entering into repayment agreements, terms to include and exclude, and when and with whom businesses should not enter into repayment agreements. The presentation will explain the regulatory backdrop that repayment agreements are subject to and the potential necessity of acquiring a license to make and service them. The topic is intended to help businesses who are considering using repayment agreements (or who are already doing so) with flagging issues they need to address and get right for regulatory and compliance purposes. The program will also discuss heightened regulatory and enforcement activity involving repayment agreements that businesses need to be aware of. Repayment agreements can be beneficial to a business, but they also can present substantial risks of civil and regulatory liability.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Reasons for Entering Into Repayment Agreements
- Increases Odds of Receiving Payment
- Can Avoid or End Litigation
- Can Replace Less Favorable Debt Contract Terms With More Favorable Repayment Contract Terms
Terms to Include in Repayment Agreements
- More Favorable Debt Contract Terms
- Ratification Terms or Terms Concerning Tolling of Statutes of Limitations
- Consideration Recitals
Terms to Not Include in Repayment Agreements
- Repayment Terms That a Reviewing Court or Regulator May Consider Unfair, Deceptive, Abusive, or Unconscionable
- Interest Terms That Violate Usury or Other Laws
- Terms That Require Guarantors If Prohibited by Law
When and With Whom Not to Enter Into Repayment Agreements
- Licensing, Ability to Repay, and Other Laws for Consumer Debt Obligations
- Medical and Nursing Home Debt Repayment Agreements
- Potential Loss of Lien Priority for Secured Debts Such as Mortgages and Auto Loans
- Bankruptcy Reaffirmation Agreements and Considerations
- Discharged and Time-Barred Debts
Regulatory and Enforcement Activity Involving Repayment Agreements
- Consumer Financial Protection Bureau Enforcement Jurisdiction and Activity
- Federal Trade Commission Enforcement Jurisdiction and Activity
- State Attorney General Enforcement Jurisdiction and Activity
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 15, 2023.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.2
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.2 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.25
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.25 hours of CLE credit.
- NH MCLE 1.2
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 71 Minutes.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.25
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
David M. Bizar
Seyfarth Shaw LLP
- Chairs the Consumer Financial Services Litigation practice of Seyfarth Shaw LLP
- Frequently selected to address and, if necessary, litigate to judgment and through appeal customers’ most important issues and cases involving the legality of their financial products and services
- Has represented finance industry and business clients in myriad challenges to how they originate, service, collect debts, and process payments
- Represents leaders and other businesses in and outside of bankruptcy cases involving creditor’s rights, lender liability, judgment enforcement, and sanctions, among other issues
- Regent of the American College of Consumer Financial Services Lawyers and a member of the Governing Committee of the Conference on Consumer Finance Law
- Recognized as a preeminent lawyer in the field of financial services law and listed in Best Lawyers in America as well as named Lawyer of the Year for Financial Services Regulation Law
- J.D. degree, University of Miami School of Law; B.A. degree, Northeastern University
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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