which of the following is a law that protects consumers? course hero

What are some consumer protection laws you should know about?

There are many other acts worth learning about that apply in certain situations, including the Home Owner Protection Act, the Home Affordable Modification Program, the Electronic Funds Transfer Act, the Fair Debt Collection Act, and the Fair Credit Billing Act . What Are Online Consumer Protection Laws?

How does the Consumer Credit Act protect consumers?

This act protects consumers as it lays down the regulations of purchase on credit for goods. The intention of this act is to prevent consumers signing to unfair contracts. And also to ensure that purchases know how much interest rates are going to be charged for the credit that they receive.

What are the rights and responsibilities of Consumer Protection Act 1986?

These rights and responsibilities are registered under the Consumer Protection Act 1986. Right to Safety- Before buying, a consumer can insist on the quality and guarantee of the goods. They should ideally purchase a certified product like ISI or AGMARK.

What are the rights of a consumer?

Right to Consumer Education- Consumer should be aware of his/her rights and avoid exploitation. Ignorance can cost them more. Right to be heard- This means the consumer will get due attention to express their grievances at a suitable forum.

Which of the following is a law that protects consumers?

In the United States a variety of laws at both the federal and state levels regulate consumer affairs. Among them are the Federal Food, Drug, and Cosmetic Act, Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Truth in Lending Act, Fair Credit Billing Act, and the Gramm–Leach–Bliley Act.

Which of the following is a law that protects consumers quizlet?

These many laws protect consumers. They include the Consumer Bill of Rights, Airline Passenger Rights, Consumer Technology Bill of Rights, Patients' Bill of Rights, and Consumer Protection Laws.

What does the Consumer Protection Act protect?

Consumer protection laws safeguard purchasers of goods and services against defective products and deceptive, fraudulent business practices.

What are the 3 methods of consumer protection?

Following are some ways and means of consumer protection followed in India:Self Regulations by Business: Large business houses have realised that they can prosper and grow for a long period of time only by giving due importance to consumers. ... Business Associations: ... Consumer Awareness: ... Consumer Organisations: ... Government:

What is the basis for consumer protection laws quizlet?

Terms in this set (15) What is the basis for consumer protection laws? Consumers have rights that sometimes need to be protected.

What is the purpose of the Consumer Credit Protection Act quizlet?

Purpose is to stop abusive, deceptive and unfair collection techniques.

Who does the Consumer Protection Act protect?

It aims to protect consumers against poor-quality products and unfair business practices or contract terms with regards to transactions, repairs, refunds and delivery. A consumer is defined as “an individual acting for purposes that are wholly or mainly outside that individual's trade, business, craft or profession”.

What is consumer protection examples?

For example, the U.S. Food and Drug Administration (FDA) calls itself “the world's premier consumer protection regulatory agency.” Other examples of consumer protection by regulation are occupational licensing, housing codes, the Federal Trade Commission, the Consumer Product Safety Commission, the Securities and ...

What is the Consumer Protection Act 2007?

The Consumer Protection Act 2007 (CPA) provides protection to the consumer through a variety of measures; ensuring compliance with consumer legislation, self-regulation (codes of practice) and a set of enforcement measures. The CPA applies before, during and after a transaction has taken place.

What is Consumer Protection Act 10?

The Consumer Protection Act, implemented in 1986, gives easy and fast compensation to consumer grievances. It safeguards and encourages consumers to speak against insufficiency and flaws in goods and services. If traders and manufacturers practice any illegal trade, this act protects their rights as a consumer.

What is needed to protect consumers?

Consumer protection makes markets work for both businesses and consumers. Consumers need to be able to obtain accurate, unbiased information about the products and services they purchase. This enables them to make the best choices based on their interests and prevents them from being mistreated or misled by businesses.

How important are the laws to a consumer?

Consumer law helps to make sure that customers are aware of what they are buying, such as the ingredients in food; that advertising is fair and does not mislead; that debt collection is fair, and nearly every step in the buying and selling of goods is ordered towards creating a level playing field.

What is consumer protection law?

Consumer Protection Law is an area of law managed by the Bureau of Consumer Protection and overseen by the Federal Trade Commission (FTC). It protects you and me, consumers, from unethical and careless actions taken by businesses. The Consumer Protection Bureau achieves this by setting and enforcing rules and regulations for every commercial ...

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is the area of law that focuses more specifically on credit reporting businesses; such as consumer reporting agencies, holding them responsible for the accuracy and security of personal information collected and shared with third parties.

What is Section 5 of the FTC?

This section of the FTC outlines that consumers should be treated fairly, and not deceived or put at risk due to unfair or deceptive acts performed by businesses .

What does it mean to protect your privacy?

To protect consumer’s privacy and identity. To protect consumers from unfair or deceitful actions. So remember, if any business fails to protect your privacy or identity, or they are untruthful or deceitful, they are most likely in violation of your Consumer Protection rights. Thanks for reading this guide.

What are some examples of deceptive advertising?

A simple example of deceptive advertising: An ice-cream promotes itself in a social media post as a dairy-free alternative. However certain ingredients are, in truth, derived from dairy products. This would be a violation of consumer protection laws.

What is the age limit for online privacy protection?

The Children’s Online Privacy Protection Act prohibits deceptive or unfair acts in association with the online collection of children’s personal information and regulates how personal information is co1llected and used by online services knowingly collecting personal information from children under the age of 13.

What is the TCPA?

Thankfully, strict laws are in place to protect consumers from unfair and deceitful actions taken by telemarketers, outlined in a piece of legislature known as the Telephone Consumer’s Protection Act , or TCPA. These laws ensure that consumers are not harassed, deceived, or mistreated by telemarketers.

Which law states that spammers may not send email messages containing false information?

The law that states that spammers may not send email messages containing false information is the. Can-Spam Act of 2003. When consumers file a complaint with the Federal Trade Commission (FTC), a chain of events is triggered leading to an FTC action against the violator.

What law forbids phone solicitation?

The TCPA which the FCC enforces, forbids phone solicitation using an automatic telephone dialing system or a (n) Prerecorded voice. The Telemarketing and Consumer Fraud and Abuse Prevention Act of 1994 was created to require the FTC to.

How does the FTC investigate a company?

1) The FTC starts a nonpublic investigation of an alleged company. 2) If the FTC believes that a company violated the law, the FTC sends a complaint to the alleged violator. 3) If an alleged company refuses to enter a consent order, the FTC may decide to issue a formal administrative complaint. 4) There is a hearing before an administrative law ...

What did the plaintiffs claim about Amoco gas?

The plaintiffs claimed that the false advertisements would artificially elevate the demand for Amoco gas and consequently the price for gas would go up which hurt consumers. The court stated that a "market theory" of causation is. Not enough to establish damages in an individual case.

How often do credit agencies have to provide free credit reports?

Under FACTA, major credit reporting agencies are now required to provide consumers with a. free copy of their credit reports every 12 months. The first provision of the CARD Act mandates the adjustment of four credit practices, the first being that creditors are required to notify consumers of changes to.

What is the credit card fraud act?

The Credit Card Fraud Act states that it is unlawful to: (Check all that apply.) 1) Possess an unauthorized credit card. 2) Counterfeit or alter a credit card. 3) Use account numbers of another's credit card to perpetuate fraud.

Can you be held liable for a credit card charge?

Under the TILA, if you notify your credit card company before unauthorized charges are made against your card, you. cannot be held liable for any of the charges. If a credit bureau issues a consumer credit report for a reason not specified by the FCRA, it may be. held liable for damages and additional fines.

What is consumer protection law?

Consumer protection laws protect borrowers against discrimination and predatory lending practices. The Fair Housing Act prohibits discrimination on the basis of race, sex, religion, national origins, and several other categories. This prohibition applies at every stage of the mortgage application process.

Why are consumer protection laws important?

Consumer protection laws offer an important part of a reliable market economy. While "buyer beware" was once the motto of the free market, these regulations help keep sellers honest, with no threat of unpleasant surprises.

What is a consumer warranty?

Whenever you buy merchandise, it comes with a warranty. This is a guarantee that it will serve the purpose it was purchased for—in other words; it will function. The two basic types of warranty are express and implied.

What is the most important consumer protection in finance?

One of the most important consumer protections in finance is the Securities Act of 1933, which was enacted during the Great Depression. The act strictly limits the sale of investment contracts ("securities") and requires issuers to disclose the details of their financing and business plans.

How to file a complaint against a seller?

To file a complaint about a seller or manufacturer, you can contact the Federal Trade Commission, Consumer Product Safety Commission, or call up your local prosecutor and ask for the consumer fraud division.

How long can you keep a negative credit report?

Consumers who have a negative report may not be able to open a checking or savings account for five years.

When was the Fair Credit Reporting Act passed?

The Fair Credit Reporting Act was passed in 1970 to regulate the collection of credit information, which is frequently used to determine mortgage and lending rates. The law limits who can access a consumers' credit history, and prohibits lenders from providing outdated or inaccurate information.

What is consumer protection?

The concept of consumer protection comes from the belief in another concept; that of consumer a right, which is the belief that consumers have a wide variety of rights, regarding the products and services they consume.

Why are consumer laws important?

Consumer laws are also known as consumer protection laws, are incorporated into the law to prevent deceitful activities, or unfair business practices. These laws to an extent serve as protection for weaker parties, often not able to handle these matters themselves.

What is the purpose of the Consumer Credit Act?

Consumer credit Act 1974-. This act protects consumers as it lays down the regulations of purchase on credit for goods. The intention of this act is to prevent consumers signing to unfair contracts. And also to ensure that purchases know how much interest rates are going to be charged for the credit that they receive.

What act protects consumers against monopoly?

Competition Act 1980-. This act protects consumers against the monopoly legislation as it prevents firms controlling more than 25% of the market without investigation. The complaint is usually seen to go to the office of fair-trading (OFT), which then can decide on the investigation further.

What is the Unsolicited Goods and Services Act?

Unsolicited goods & services Act 1971-. This act protects consumers by inertia selling. Consumers did not have to pay for goods that they did not order, but had not bothered to return. Consumers may keep the product after a certain number of days if the company who sent it to you does not pick up the product.

Why was consumer law created?

Arguably consumer law was created because of the imbalance of powers. It avoids consumer exploitation at the pre-conceptual stage. It can be argued that consumer law does protect consumers because different legislation was passed in order to avoid bad business practices towards consumers.

What is the Consumer Credit Act 1974?

All loans, hire purchase agreements and leasing schemes with a value of up to £25,000 are covered by the Consumer Credit Act 1974. This law offers further protection to consumers purchasing goods or services from a business. The Consumer Credit Act also covers purchases made with a credit card.

What is the mission of Consumer Financial Protection Bureau?

The mission of the Consumer Financial Protection Bureau is to ensure that financial products and services are fair, transparent, and competitive. TRUE. The doctrine of strict liability extends only to the retailer who is involved in selling the product, not the manufacturer. FALSE.

Why is it important to reform product liability laws?

One reason for business efforts to reform product liability laws is the increasing cost of insuring against liability suits. Quality management emphasizes high quality and customer satisfaction through continuous improvement of a company's product or service at the final stages of the production process.

What is the right to be heard?

Under the "right to be heard" protection, the consumer is to be assured satisfactory quality and service at fair prices. The consumer's "right to privacy" assures that information disclosed in the course of a commercial transaction is not shared with others unless authorized.

What is the responsibility of a consumer?

Responsibility to be aware – A consumer has to be mindful of the safety and quality of products and services before purchasing. Responsibility to think independently – Consumer should be well concerned about what they want and need and therefore make independent choices.

What are consumer rights and responsibilities?

Consumer rights are a set of rights governed by the law that gives allows customers to have the necessary information about goods and services while purchasing. Similarly, consumer responsibilities indicate that customers have a specific responsibility towards the society and other consumers ...

What is consumer awareness?

Consumer awareness is a process of making an individual or consumer awareness of their rights and responsibilities when purchasing goods and services. Awareness is essential for all customers so that they take the right decision and make the right choice about the products and services being sold and sold.

What is the right to safety?

Right to Safety- Before buying, a consumer can insist on the quality and guarantee of the goods. They should ideally purchase a certified product like ISI or AGMARK. Right to be informed- The buyers should be informed with all the necessary details of the product, make her/him act wise, and change the buying decision.

What is the responsibility of a buyer to speak out?

Responsibility to speak out- Buyer should be fearless to speak out their grievances and tell traders what they exactly want. Responsibility to complain- It’s consumer responsibility to express and file a complaint about their dissatisfaction with goods or services in a sincere and fair manner.