Consumer protection laws and regulations that govern how businesses must treat customers, from an intro business law course.
30 cards · basic cards · AI-written, checked twice. Edit anything.
- What does the FTC Act prohibit?
Show answer
Unfair or deceptive acts and practices in commerce- What is an 'unfair practice' under the FTC Act?
Show answer
One that causes substantial consumer injury not reasonably avoidable by consumers, and its benefits do not outweigh the injury- What is a 'deceptive practice' under the FTC Act?
Show answer
A representation or omission likely to deceive a reasonable consumer in a material way- What is the primary purpose of the Truth in Lending Act (TILA)?
Show answer
To ensure clear and conspicuous disclosure of credit terms and the true cost of credit- What must a creditor disclose under TILA?
Show answer
Annual percentage rate (APR), finance charges, payment schedule, and total amount to be financed- What is the purpose of the Fair Credit Reporting Act (FCRA)?
Show answer
To regulate how credit bureaus and other entities collect, maintain, and use consumer credit information- What rights does a consumer have under the FCRA?
Show answer
The right to access their credit report, dispute inaccuracies, and limit how long negative information remains- What does the Equal Credit Opportunity Act (ECOA) prohibit?
Show answer
Discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, or age- What is the Fair Debt Collection Practices Act (FDCPA) designed to prevent?
Show answer
Abusive, unfair, and deceptive practices by third-party debt collectors- What practices are prohibited under the FDCPA?
Show answer
Threats, harassment, false statements, contacting at unreasonable hours, and contacting the debtor at work if the collector knows the employer prohibits it- What does the Magnuson-Moss Warranty Act require?
Show answer
Warranties must be clearly written in plain language and must disclose the scope and limitations of coverage- What is the role of the Consumer Product Safety Commission (CPSC)?
Show answer
To set and enforce safety standards for consumer products and protect the public from unreasonably hazardous products- What powers does the CPSC have regarding unsafe products?
Show answer
The authority to issue recalls, ban products, require warning labels, and set performance and safety standards- What is a lemon law?
Show answer
A law that protects consumers who purchase vehicles with defects affecting safety, use, or value within the warranty period- What is a 'cooling-off period'?
Show answer
The right to cancel certain purchases within a specified time frame, typically three business days, without penalty
FlashKeepers