Join the Cyberspace Law Committee at the ABA 2004 Annual Meeting

Saturday, August 07, 2004

Getting Paid in the 21st Century

As a lawyer who doesn't understand the laws of gift cards, gift certificates, money transmitter laws, and other seemingly arcane and esoteric areas of the law, this program was great. I came away with the following general conclusions:

  1. I'm never going to operate anything that might walk, talk, or quack like a money transmitter operation.
  2. If a client ever does anything like that, I'm not going to be their lawyer; I'd screw it up.
  3. Gift cards may be riskier than I thought.
  4. States don't seem to understand these issues very well, but they sure seem to be passing a lot of laws on the topics.
  5. More laws are coming. They will probably be worse, and cause even more confusion.
  6. If you're in the business of moving a lot of cash (like the US Govt), you can save a lot of money by switching to stored value cards.

Here are the program materials. [ABA ID REQUIRED]