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:
- Truth in Lending Act
- Fair Credit Billing Act
- Fair Credit Reporting Act (FCRA & FACTA)
- Fair Debt Collection Practices Act
- Regulation Z
- Regulation M
Please note: under provisions provided within the Federal Trade Commission (FTC) guidelines, dealerships fall under the status of a “creditor”.