Consumer Protection Law Commons^™

Complex Decision-Making And Cognitive Aging Call For Enhanced Protection Of Seniors Contemplating Reverse Mortgages, 46 Ariz. St. L.J. 299 (2014), Debra Pogrund Stark, Jessica M. Choplin, Joseph Mikels, Amber Schonbrun Mcdonnell

UIC Law Open Access Faculty Scholarship

This article analyzes the factors that affect the effectiveness of the current rules and counseling protocol in enabling seniors to make well-informed decisions on whether to enter into a proposed reverse mortgage in light of the cognitive barriers that consumers in general, and seniors in particular, face. The article then proposes further changes to these rules and the counseling protocol to better enable seniors to determine whether entering into reverse mortgages is in their best interest in light of their specific financial situations and goals. Section I provides an overview of the current status of the law relating to reverse …

Dodd-Frank 2.0: Creating Interactive Home-Loan Disclosures To Enable Shrewd Consumer Decision-Making, 27 Loy. Consumer L. Rev. 95 (2014), Debra Pogrund Stark, Jessica M. Choplin, Mark A. Leboeuf, Andrew Pizor

UIC Law Open Access Faculty Scholarship

In Section I, we summarize and analyze the Dodd-Frank laws that were enacted to regulate home loan terms and the key changes made to the home loan disclosure rules and forms, critiquing in particular the changes made to the APR component of the new CFPB disclosure form. In Section II, we detail and report on the methods and results from two APR Experiments we conducted (one using eyetracking technology to see which areas of the disclosure form participants were looking at and for how long); we also report on the low level of financial literacy of the participants reflected in …

Dysfunctional Contracts And The Laws And Practices That Enable Them: An Empirical Analysis, 46 Ind. L. Rev. 797 (2013), Debra Pogrund Stark, Jessica M. Choplin, Eileen Linnabery

UIC Law Open Access Faculty Scholarship

While many courts refuse to strike down these clauses under the unconscionability test, this Article argues that the results from the Remedies Experiment should lead courts to adopt a different set of tests for ruling on the enforceability of limitation-of-remedy clauses in home purchase contracts. Part I of this Article highlights the relevant results from two empirical studies Professor Stark conducted regarding major problems with the fairness of purchase agreement forms used by residential real estate developers in Illinois. Part I also discusses the lack of home purchaser understanding of key relevant laws and legal documents examined in an empirical …

Checking Out Of The Exception To 3-104: Why Parties Should Be Able To Negotiate Whether Checks Should Be Payable On Demand, 3 Colum. J. Race & L. 73 (2013), Linda R. Crane

UIC Law Open Access Faculty Scholarship

Many aspects of American society, including its legal system, operate to the disadvantage of minorities. Obvious examples include inequities in our criminal/justice system and in school funding. Much has been written on those and other topics. This article focuses on another example, specifically on how a sweeping change to an obscure banking rule regulating the check collection process has negatively affected consumers in general, and minority groups in particular.

U.S. check collections require a complex system comprised of a variety of institutions including commercial banks, savings and loans, savings banks, and credit unions, as well as the customers who rely …

Still Chasing Chimeras But Finally Slaying Some Dragons In The Quest For Consumer Bankruptcy Reform, 25 Loy. Consumer L. Rev. 1 (2012), Jason Kilborn

UIC Law Open Access Faculty Scholarship

Consumer bankruptcy systems in Europe and the United States have witnessed especially robust and dynamic development during the past decade. The ever-rising volume of seeking entry to these systems now allows for cross-systemic comparisons of substantially differing “markets” for the relief that these systems offer. In particular, the distinct trend toward greater efficiency seen in other financial markets can be increasingly observed in most consumer bankruptcy regimes, with some notable exceptions. In this context, market performance can be gauged in part by the degree to which systems offer efficient and effective relief as a stimulus to deploying available debtor resources …

Consumer Protection Initiatives In The Eu Mortgage Market: A Behavioral Economics Based Critique And Proposal, 25 Temp. Int'l & Comp. L.J. 1 (2011), Debra Pogrund Stark, Jessica M. Choplin

UIC Law Open Access Faculty Scholarship

No abstract provided.

A Psychological Investigation Of Consumer Vulnerability To Fraud: Legal And Policy Implication, 35 Law & Psychol. Rev. 61 (2011), Jessica M. Choplin, Debra Pogrund Stark, Jasmine N. Ahmad

UIC Law Open Access Faculty Scholarship

No abstract provided.

A License To Deceive: Enforcing Contractual Myths Despite Consumer Psychological Realities, 5 N.Y.U. J. L. & Bus. 617 (2009), Debra Pogrund Stark, Jessica M. Choplin

UIC Law Open Access Faculty Scholarship

No abstract provided.

Does Fraud Pay? An Empirical Analysis Of Attorney's Fees Provisions In Consumer Fraud Statutes, 56 Clev. St. L. Rev. 483 (2008), Debra Pogrund Stark, Jessica M. Choplin

UIC Law Open Access Faculty Scholarship

No abstract provided.

Civil Codes And Consumers, 51 Loy. L. Rev. 11 (2005), Jason Kilborn

UIC Law Open Access Faculty Scholarship

No abstract provided.

Behavioral Economics, Overindebtedness & Comparative Consumer Bankruptcy: Searching For Causes And Evaluating Solutions, 22 Emory Bankr. Dev. J. 13 (2005), Jason Kilborn

UIC Law Open Access Faculty Scholarship

No abstract provided.

Are You My Parent? Are You My Child? The Role Of Genetics And Race In Defining Relationships After Reproductive Technological Mistakes, 5 Depaul J. Health Care L. 15 (2002), Raizel Liebler

UIC Law Open Access Faculty Scholarship

Imagine that you are a married woman who wants to have a genetically related child with your husband. Your doctor tells you that you are infertile, and therefore you and your husband go to XYZ fertility clinic to receive in vitro treatment. You have your eggs harvested, your husband supplies sperm, and ten embryos are created. Five embryos are implanted in your uterus and five are frozen and kept by the fertility clinic for your later use. You successfully conceive and give birth to twins. You notice that the children you give birth to are of a different race than …

The Price Of Trust: An Examination Of Fiduciary Duty And The Lender-Borrower Relationship, 29 Wake Forest L. Rev. 719 (1994), Cecil J. Hunt Ii

UIC Law Open Access Faculty Scholarship

Comparing the search for elements which will give rise to a fiduciary relationship between a bank and a borrower to the quest for the elusive holy grail, Professor Hunt proposes that, rather than existing only in special circumstances, the fiduciary relationship is a normal aspect of the bank-borrower relationship. Hunt explains that a fiduciary obligation is part of the parties' assumptive base in the bank-borrower relationship that must by necessity exist before any borrower would entrust private or business information to a bank in return for a loan. While acknowledging that such a relationship might be inapposite in the initial …