A List of Consumer Protection Laws You Need to Know

Are you interested in consumer protection? Are you accustomed to any? Well, it might be of great benefit to you to learn about some of them.

In premise, a consumer protection law is a regulation that prevents businesses from being unfair to customers, as well as enhances consumer choice when it comes to the competitive process of business.

In this article, we will provide a list of consumer protection laws that you need to know.

So if that sounds interesting, keep reading to learn more.

What Is a Consumer Protection Law?

A consumer protection law is a form of federally/state-regulated junction. There are many government organizations that promote the faculty of consumer protection. For instance, the Federal Trade Commission is one of them. 

The mission is to:

  1. Prevent business practices that are unfair and deceptive to the consumer
  2. Enhance public understanding and informed consumer choice within the competitive process
  3. Perform all of this without burdening realistic business activity

The Consumer Financial Protection Bureau and the Better Business Bureau are two other organizations that work to uphold these principles. But how far does the protection extend and what is it worth? Let’s take a look at some of the important consumer protection laws that you should be aware of.

Fair Credit Reporting

Congress has enacted many laws that protect consumers when they attempt to obtain or have obtained credit. These are considered to be very important, as credit reports and credit can be used in a variety of ways, such as insurance applications, background checks, credit loans, etc.

Some of the relevant laws in the faculty are.

Fair Credit and Charge Card Disclosure

The act enforces concrete and entire disclosure upon terms of credit card offers. This includes but is not limited to interest rates, late fees, annual fees. 

Fair Credit Billing Act

The act protects consumers against non-transparent billing practices. Such as charges for undelivered goods, unauthorized charges, disputed charges. This is a serious clause.

Equal Credit Opportunity Act

This act makes it unlawful for a credit to discriminate against applicants. This is done with respect to all credit transactions on the basis of nationality, marital status, sex, age, race, religion, and color.

Fair Credit Reporting Act

This acts provides protection from harm due to incorrect reporting information about credit. As well as protection form invasion of privacy and dissemination of info. It provides the consumer with the right to know who is gathering what, and what information has been gathered.

Consumer Protection in Bankruptcy

Bankruptcy is often the last resort for people who deal with unbearable debts. There are some primary protection clauses that apply to consumers that require a buffer between them and the creditor. 

These options are but are not limited to:

Chapter 13

Chapter 13 prevents creditors from foreclosing on the entity’s debt while allowing the reorganization of their personal finances.  There are certain requirements for income, as well as enforced limitations on the quantity of debt. However, it’s quite a plausible option for cases in which one wants to insulate themselves against lawsuits while maintaining ownership over assets.

Chapter 11

This allows an entity to continue operation without fear of foreclosure, as long as debts are being reorganized as per the criteria of the court. This process is subject to approval by the collective of creditors, but it provides ample room to create an adequate plan for repayment of outstanding debt.

Chapter 7

Chapter 7 presumes that you are entirely unable to pay your debts. With this, you are fully shielded from lawsuits, however, you most likely have to sacrifices many of your assets. Thes assets are liquidated and used to pay off creditors in your filing.

Truth in Lending

The act of Truth in Lending requires a creditor to provide written disclosure about the cost and terms of a consumer loan in standard criteria. The disclosure includes the costs, how they are determined, the APR, and much more.

If you choose to take a car loan, personal loan, mortgage, you must be provided with a copy of rights under this act.

Additional List of Consumer Protection Laws

If you thought that wasn’t enough, let’s take a look at some other consumer protection laws. Keep in mind that this, not an exhaustive list, and there is much more to consumer law than mentioned here. To learn more, get in touch with LA Legal Solutions Consumer protection lawyers.

HOEPA

The Home Ownership & Equity Protection Act enacts restriction upon a home loan that cohorts with predatory lending practices. This is a confusing one, so speak with a specialist if necessary.

CLA

The Consumer Leasing Act enforces a leaser to provide disclosure of all terms used in an agreement. As well as the cost that is charged for the lease.

EFTA

The Electronic Fund Transfer Act minimizes the liability of the consumer if someone makes use of their debit/credit card with unauthorized access. Think of transfers that occur when vacation scams are common.

PP

The FTC has enforced various privacy policy laws that are pertinent to consumer protection. For instance, they cover Deception and Unfairness under Section 5 of their act. It prohibits deceptive practices and enforces the promises made to a consumer by a company regarding their privacy.

They also protect consumer personal information that is held by financial institutions via the GLB act. As well as give consumers special rights when they become (or believed to become) victims of identity theft, this is performed under the Identity Theft & Assumption Deterrence Act. And that’s that for the list of consumer protection laws.

Consumer Protection Done Right

Now that you have discovered the list of consumer protection laws, you are well on your way to ensure that you make use of them. After all, these laws have been created with you in mind, so learn as much as you can about them.

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