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Date post: | 04-Dec-2014 |
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CREDIT APPLICATIONS – FROM THE BASICS TO HOT
TOPICSSCOTT E. BLAKELEY, ESQ.
BLAKELEY & BLAKELEY LLP1000 Quail Street, Suite 200Newport Beach, CA 92660
VOICE: 949/260-0612FAX: 949/260-0613
Los Angeles Office (Please reply to Newport office) 515 S. Flower Street, 36th FloorLos Angeles, California 90071
[email protected]: www.bandblaw.com
The Credit Application As Part Of A Credit Policy
• Reasons For A Credit Policy
• Credit Department Objectives
• Factors To Consider
• Essential Components Of The Credit Policy
• Types Of Credit Policies
• Developing Your Policy
A Contract With Your Customer
• Types of Contracts • Elements of a Contract • The Legal Forms of Businesses • Agents and Principals
– Types of Agency Statute of Frauds
• Statute of Frauds • Signature, Notice and Changing Terms • Battle of the Forms (UCC 2-207)
Why A Credit Application? • Pros• Cons • Credit Application Checklist• Form of Business • Credit Extension • Applicant’s Certification • Applicant’s Authorization • Terms and Conditions • Signature of Applicant and Creditor
The Electronic Signature In Global And National Commerce Act
• The Writing Requirement: The E-Credit Application– The Statute of Frauds– Posting forms on web pages for retrieval by
customers
• The Signature Requirement: Electronic, or digital, signatures
The Equal Credit Opportunity Act and The Credit Application
• The credit application should provide for statement of the vendor’s compliance with ECOA
• Language for Credit Application
The Fair Credit Reporting Act and The Credit Application
• FRCA Authorization Contained in Credit Application – A separate form, or addendum to accompany
the credit application– A credit application that provides general
authority for the credit professional to pull a consumer credit report on a corporation’s officers may be insufficient
Privacy Rights and the Credit Application
• California Privacy Law: Model Law – Purpose – Key Terms – Notice Requirement – Complying – Violation of SB1386
Disposing Of The Credit Application
• Holding Period – ECOA– Escheatment – Litigation– Antitrust– Privacy
• Destroying the Credit Application and Information– FACT Act
The International Credit Application
• Terms and Conditions
Confidentiality Agreement
• Definition
• Structure
• Disclosure/Non Disclosure
• Limits on Information Deemed Confidential
• Term
• Remedies in the Event of Breach
• Termination
Personal Guaranty and the Credit Application
• Key Provisions
• Spousal Guarantees and ECOA
• Personal Guaranty and FCRA
• Privacy Rights and Personal Guaranty