Ch. 24: Consumer Law – No. 7
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
The Consumer Product Safety Commission (CPSC)
it requires manufacturers and distributors to self-report
may require manufacturers to report information
“imminently hazardous”;
Ch. 24: Consumer Law – No. 8
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
UNFAIR LENDING PRACTICES
interest and how it is calculated, and total payments;
(2) permits a consumer to cancel any credit contract if the
creditor fails to comply with TILA’s requirements;
(3) prohibits, pursuant to the Equal Credit Opportunity
Act,
who lease automobiles and other goods to consumers for
more than four months to disclose in writing all of the
lease’s material terms.
Ch. 24: Consumer Law – No. 9
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
CREDIT CARD REGULATION
A credit card company
may not demand that a cardholder pay (1) more than $50
per card for unauthorized charges made before the
cardholder notifies the creditor that a card was lost or
stolen or (2) any unauthorized charges on an unsolicited
consumer credit card that was lost or stolen;
must send a cardholder a monthly statement at least 21
days before payment is due;
may not increase the interest rate on an existing balance
balance from the previous billing cycle.
Ch. 24: Consumer Law – No. 10
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
FAIR CREDIT REPORTING
requires a creditor to inform a consumer if the creditor’s
negative decision was based on information in the
consumer’s credit report; and
within a reasonable time or remove it from the
consumer’s credit report.
Ch. 24: Consumer Law – No. 11
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
requires major credit reporting agencies to provide
consumers with a free copy of their credit reports every
12 months,
allows consumers to report identity theft directly to
creditors.
Ch. 24: Consumer Law – No. 12
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
FAIR DEBT COLLECTION
The Fair Debt Collection Practices Act limits the means by
which collection agencies (including attorneys’ who regularly
try to obtain payment of consumer debts through legal
process) may collect from consumers. The Act prohibits:
contacting the debtor at her place of employment, unless
the debtor’s employer acquiesces;
contacting third parties not related to the debtor,
excluding the debtor’s financial adviser, about payment;
harassing or intimidating the debtor, or employing false
Ch. 24: Consumer Law – No. 8
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
UNFAIR LENDING PRACTICES
interest and how it is calculated, and total payments;
(2) permits a consumer to cancel any credit contract if the
creditor fails to comply with TILA’s requirements;
(3) prohibits, pursuant to the Equal Credit Opportunity
Act,
who lease automobiles and other goods to consumers for
more than four months to disclose in writing all of the
lease’s material terms.
Ch. 24: Consumer Law – No. 9
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
CREDIT CARD REGULATION
A credit card company
may not demand that a cardholder pay (1) more than $50
per card for unauthorized charges made before the
cardholder notifies the creditor that a card was lost or
stolen or (2) any unauthorized charges on an unsolicited
consumer credit card that was lost or stolen;
must send a cardholder a monthly statement at least 21
days before payment is due;
may not increase the interest rate on an existing balance
balance from the previous billing cycle.
Ch. 24: Consumer Law – No. 10
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
FAIR CREDIT REPORTING
requires a creditor to inform a consumer if the creditor’s
negative decision was based on information in the
consumer’s credit report; and
within a reasonable time or remove it from the
consumer’s credit report.
Ch. 24: Consumer Law – No. 11
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
requires major credit reporting agencies to provide
consumers with a free copy of their credit reports every
12 months,
allows consumers to report identity theft directly to
creditors.
Ch. 24: Consumer Law – No. 12
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
FAIR DEBT COLLECTION
The Fair Debt Collection Practices Act limits the means by
which collection agencies (including attorneys’ who regularly
try to obtain payment of consumer debts through legal
process) may collect from consumers. The Act prohibits:
contacting the debtor at her place of employment, unless
the debtor’s employer acquiesces;
contacting third parties not related to the debtor,
excluding the debtor’s financial adviser, about payment;
harassing or intimidating the debtor, or employing false