US Consumer Protection Law
In the United States, both federal and state laws regulate consumer affairs. The Fair Credit Reporting Act, Fair Credit Billing act, Gramm-Leach-Bliley Act, Frair Debt Collection Practices act and the Truth in Lending Act are the important among the other consumer laws. The Federal Trade Commission is the main enforcing forum of Federal consumer protection laws. The Federal Trade Commission facilitates for the consumer to prevent fake, deceiving, and unfair business practices and provide information to help find, prevent, and evade them.
Fair Debt Collection Practices Act ensures to eliminate and prevent unhealthy practices in the collection of consumer debts, to promote and encourage fair debt collection and to support consumers by giving an avenue for redressing and disputing and getting validation of debt information so as to ensure the accuracy of information. The Act stipulates mode of collections under which debt collectors may conduct business.
Truth in Lending Act stipulates the lender to disclose about the terms of loan standardize the way in which costs related with borrowings are calculated and disclosed. Truth in lending Act also gives consumers the freedom and right to cancel the credit transactions that if he finds involves a charge on the consumer’s dwelling house and check certain credit card practices, and helps the citizens to provide room for fair and prompt redress of disputes regarding credit billing.
The Bankruptcy Abuse Prevention and Consumer Protection Act enacted in 2005 intending to make a check on the debtors in filing Bankruptcy under Chapter 7 wherein, debts are forgiven and instead insisted and encouraged them to file under Chapter 13 Bankruptcy, wherein the debts are repaid under a plan or scheme.
The Bureau of Consumer Protection to guard consumers against unfair, deceiving, or deceitful practices in the market. The Bureau performs survey, study and analysis, and sues companies and service providers and one who violate the law. It makes rules to protect the consumer world, and imparts knowledge to consumers and as well as the companies about their rights, duties and responsibilities. The Bureau receives complaints from the consumers on unfair trade practice and in respect of consumer fraud and identity theft and produces them to law enforcement agencies across the State.
Division of Advertising Practices of the Federal Trade Commission protects the Consumers from deceptive or unsupported advertising. The main concern is on marketing of the products like tobacco, alcohol, health supplemental food and drugs, energy related products, environmental products, etc. The Division of Financial Practices is yet another important division of FTC where numerous statutes on consumer credits are enforced, including the Equal Credit Opportunity Act, the Fair Credit Billing Act., Consumer Leasing Act, and the Credit Practices Rule. The Office of Consumer and Business Education the education wing imparts knowledge to the consumer regarding deception, fraud, and unfair trade practices with the aid of print media, telecasts, and electronic media and also establishes public education programs for consumers and industry.
