Six Key Federal Laws to Protect Consumers

This course addresses the purpose of these important “Consumer Protection”  regulations, which are:

  • To promote the informed use of Consumer credit by requiring disclosures about its terms and cost.
  • They issue mandates on how payments and other information must be provided to the public, including signs, advertisements and other bulletins that offer a payment plan.
  • These regulations also gives Consumers the right to cancel certain credit transactions that involve a lien on a Consumer’s principal dwelling or other personal property loans, such as auto and RV loans.
    • RV and Marine “Full Timers” may certainly fall under this provision.
  • They provide regulations for certain credit card practices.
  • They provides a means for fair and timely resolution of credit billing disputes.
  • Prior to a Consumer finalizing a purchase, they are shielded from unfair lending practices, due to provisions of various rules, laws, and regulations.

These Six Key Federal Laws to Protect Consumers are:

  1. Truth in Lending Act
  2. Fair Credit Billing Act
  3. Fair Credit Reporting Act (FCRA & FACTA)
  4. Fair Debt Collection Practices Act
  5. Regulation Z
  6. Regulation M

Please note: under provisions provided within the Federal Trade Commission (FTC) guidelines, dealerships fall under the status of a “creditor”.

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