Business Law- Consumers

Food, Drug, and Cosmetic Act

a law that regulates the quality, purity, potency, effectiveness, safety, labeling, and packaging of food, drug, and cosmetic products

Fair Credit and Charge Card Disclosure Act

amended the Truth in Lending Act and requires credit and charge card issuers to provide certain disclosures in direct mail, telephone, and other applications and solicitations for open-end credit and charge accounts and under other circumstances

Consumer Leasing Act

An amendment to the Truth in Lending Act. Extends the TILA's coverage to lease terms in consumer leases.

United Nations Biosafety Protocol for Genetically Modified Foods

A United nations sponsored protocol that requires signatory countries to place the label " may contain live organisms" on all genetically engineered foods.

Equal Credit Opportunity Act

A federal law prohibiting lenders and other creditors from discrimination based on race, color, sex, religion, national origin, age, marital status, receipt of public assistance or because an applicant has exercised his or her rights under the Consumer Credit Protection Act.

Fair Credit Reporting Act

A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used.

Fair Credit Billing Act

A federal law that requires creditors to mail out bills at least 14 days before payment is due and also establishes procedures for resolving billing errors on credit accounts.

Mortgage reform and anti predatory lending act

A federal statute that is designed to eliminate many abusive mortgage loan practices and mandates new duties and disclosure requirements on mortgage lenders and others.

Truth-in-Lending Act

A federal statute that requires creditors to make certain disclosures to debtors in consumer transactions and real estate loans on the debtor's principal dwelling.

Nutrition Labeling and Education Act

A federal statute that requires food manufacturers to place on food labels that disclose nutritional information about the food.

credit report

A report on a person's creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances

Federal Trade Commission

Enacted in 1914 this federal agency maintains free and fair competition in U.S. business, takes action against monopolies, restraint of trade, unfair or deceptive practices, prevents anti-competitive practices in the marketplace, and serves as an aid to consumers.

US department of Agriculture

Federal Agency responsible for the inspection and quality grading of meat, meat products, poultry, dairy products, eggs and egg products, and fruit and vegetables shipped across state lines.

Consumer protection laws

Federal and state statutes and regulations that promote product safety and prohibit abusive, unfair, and deceptive practices.

Regulation Z

Federal guidelines under the Truth in Lending Act that require full disclosure of all credit terms for consumer loans.

Fair Debt Collection Practices Act

Federal legislation that was passed to protect consumers from inappropriate collection activities such as harassment or deception.

Credit Card Accountability Responsibility and Disclosure Act of 2009

Federal statute that requires disclosures to consumers concerning credit card terms, adds transparency to the creditor and debtor relationship and eliminated many of the abusive practices of credit card issuers.

Consumer Financial Protection Bureau

Responsible for enforcing federal consumer financial protection statutes.The bureau's mandate is to make sure that consumers can make informed decisions about financial products and services and to protect them from unfair lending practices.

Food and Drug Administration

Sets and maintains purity and safety standards for food, drugs, and cosmetics; ensures accurate labeling; removes unsafe products from the market

Consumer product safety act

This regulates potentially dangerous consumer products and created the Consumer Product Safety Commission which enforces consumer safety.

Dodd-Frank Wall Street Reform and Consumer Act

Wide range of mandates for public companies in the financial industry, including nonbinding vote for shareholders on executive compensation and golden parachutes, return of executive compensation based on inaccurate financial statements, ration of CEO pay to average employee compensation, and financial rewards for whistle blowers.

Drug Amendment to the FDCA

gives the FDA broad powers to license new drugs in the US. Requires all users of prescription and nonprescription drugs to receive proper directions for use and adequate warnings about any related side effects.

Do not call registry

is a list of customers who do not want to receive direct mail. You can be added to this by contacting the federal trade commission.