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Jan 14, 2019 · The Consumer Protection Bureau enforces a section of the Federal Trade Commission Act known simply as “Section 5”. 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. Examples of unfair or deceptive actions:
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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.
Federal Securities Act
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 (referred to as "securities") and requires issuers to disclose the details of their financing and business plans. The act also established the Securities and Exchange Commission (SEC), which enforces securities laws and punishes violations.
Fair Credit Reporting Act
The Fair Credit Reporting Actwas 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 The law limits who can access a consumer's credit history, and prohibits lenders from providing outdated or inaccurate information. The law also allows consumers to read their own credit reports, and to contest any inaccurate information.
Dodd-Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act, usually shortened to the "Dodd-Frank Act," was a sweeping reform of U.S. financial regulations in the wake of the 2008 financial crisis. The act stepped up oversight of banks and financial institutions, particularly those deemed to have been responsible for the Great Recession. It created the Financial Stability Oversight Council, with the ability to break up banks that were "too big to fail" or to increase their reserve requireme...
Scam artists generally take advantage of whatever is happening at a particular point in time. In the wake of the housing bust of 2008, for example, there were a lot of phony foreclosure rescues that caused people to lose the equity in their houses to so-called rescuers. There also has been an increase in scam attempts through automated phone calls....
The modern economy is dependent on consumer protection laws. These rules help eliminate bad businesses as well as give consumers peace of mind and encourage them to spend more. Over the past few decades, the number of laws has continued to grow and evolve to reflect new technologies and business practices. And thanks to the Internet and other techn...
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Oct 15, 2023 · Consumer Rights and the Law. The United States’ large and complex economy offers perhaps the broadest potential for products and services in history, but with such opportunities come the risk of scams, fraud, and outright theft. The principle of caveat emptor or “buyer beware” in modern parlance, still applies as much as it has since the ...
The Ohio Attorney General has enforcement authority over more than 25 consumer protection laws, which are listed below with a brief overview of key protections that consumers have under the laws. Please note that the following information is for educational purposes only, and additional laws may apply. The Ohio Revised Code (ORC) and the Ohio ...
consumer protection laws. Consumer protection laws safeguard purchasers of goods and services against defective products and deceptive, fraudulent business practices. Historically, under the common law doctrine of caveat emptor, consumers had very little protection from misleading sales, requiring consumers to inspect all transactions themselves.
Aug 15, 2022 · 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 ...
A Federal Trade Commission action against household water treatment funding company Aqua Finance, Inc. (AFI) has led to a settlement that will provide $20 million in refunds and an additional $23.6 million in debt forgiveness for consumers harmed by its dealers’ deceptive sales tactics.
