Key Federal Laws to Protect Consumers

This course addresses the contents and overviews of these important “Consumer Protection” regulations, which include:

• The informed usage & safeguards in connection with the utilization of Consumer credit by requiring full disclosure of the terms & conditions of finance charges in Consumer credit transactions, including offers to extend credit to Consumers.
• How these regulatory laws issue mandates to Dealerships regarding how payments and other information must be provided to the public, including signs, advertisements and other bulletins that offer a payment plan or other credit offerings.
• How these regulations provide Consumers the right to cancel certain credit transactions that involve Consumer’s personal property loans, such as RV, Automobile Marine and Power Sports loans.
  • RV and Marine “Full Timers” certainly fall under these regulatory provisions.
• How these regulations provide a means for fair and timely resolution of credit billing disputes.
• How, prior to a Consumer finalizing a purchase, they are shielded from unfair & deceptive lending practices, due to provisions of various rules, laws, mandates and regulations.

These 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.”   According to language contained on the FTC’s official website:  “When a dealer enters into a retail installment contract with a person to finance the purchase of a car, the dealer is the creditor…”