Posts tagged "arbitration consumer financial contracts"

Arbitration in Consumer Financial Contracts

When someone obtains a consumer financial product such as a credit card, a checking account, or a payday loan, he or she typically gets the company's standard form written legal contract.  There is no negotiating the terms of these type of contracts.  The terms are generally offered on a take-it-or-leave-it basis.  And these contracts now commonly contain what is called an arbitration clause, according to a preliminary study on arbitration by the Consumer Financial Protection Bureau.

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