Consumer protection laws in the U.S. include various federal and state laws, each of which governs a particular area of the economy. The government oversees consumer protection through the Federal Trade Commission (FTC). States use a variety of agencies and statutes to enforce consumer protection and sometimes expand on these𒆙 laws. Not all jurisdictions protect consumers in the same way, however. Some are more pro-consumer than others.

Consumer protection laws are made to protect consumers from fraudulent business practices,🎃 defective products, and dangerous goods and services. They play an important role in a reliable market economy, helping to keep sellers honest with no threat of unpleasant surprises.

Consumer Warranties and Service Contracts

The product comes with a warranty whenever you buy merchandise. This is a guarantee that it will serve the purpose it was purchased for. In other words, it will function.

Express and Implied Warranties 

The two basic types of warranty are express and implied. An 澳洲幸运5官方开奖结果体彩网:express warranty is a promise from the seller, either written, oral, or expressed in an ad. It effectively guarantees that the item will perform its function for a specified period. An express warranty is a guarantee that the item will work whether it's new or used. Not all 🔜items come with exp𝔍ress warranties, however.

The law automatically provides the 澳洲幸运5官方开奖结果体彩网:implied warranty. These are a part of all retail sales of new and used consumer goods. The retailer of an item implies that the item will work properly and be of average grade and quality as long as it's used for the purpose for which it was sold. A refrigerator will keep things cool as long as you're not trying to 🍰cool the entire room. A blender will blend as long as you're not blending rocks.

It's important to get warranty specifics in writing whenever you buy something. Find out what the warranty covers. Does it include service fees if the item has to be repaired? How long is the warranty? An implied warranty can last as long as four years, according to the FTC, but the actual period can vary by state.

Dealing With Warranty Breach

Have the item replaced or repaired by the seller if a warranty is breached. Try resolving the dispute through mediation if that doesn't work. You have the right to sue the manufacturer or seller if that fails.

Service contracts can't be canceled after you've signed them but there's a cooling-off period during which you might be able to void a contract under certain circumstances, according to the FTC. Contact the agency at for information on th𒉰e correct way to approach your particular situation.

You can contact the FTC 澳洲幸运5官方开奖结果体彩网:Consumer Product Safety Commission to file a complaint about a seller or manufacturer or call your local prosecutor and ask for the consumer fraud division. The 澳洲幸运5官方开奖结果体彩网:Federal Communications Commission (FCC) is the place to turn for help if youꦗ were defrauded by a telephone solicitor or fell into a TV advertiser's trap.

Key Consumer Protection Laws

Federal Securities Act

One of the most important consumer protections in finance is the Securities Act of 1933 which was enacted during the Great Depression. The act strictly limits the sale of investment contracts referred to as "securities" and requires issuers to disclose the details of their financing and business plans. The act also established the Securities and Exchange Commission (SEC) which enforces securities laws and punishes violations.

Fair Credit Reporting Act

The Fair Credit Reporting Act was passed in 1970 to regulate the collection of credit information which is frequently used to determine mortgage and lending rates. The law limits who can access a consumer's credit history and prohibits lenders from providing outdated or inaccurate information. The law also allows consumers to read their credit reports and to contest any inaccurate information.

The Dodd-Frank Act

The Dodd-Fra༒nk Wall Street Reform and Consumer Protection Act, usually shortened to the "Dodd-Frank Act," was a sweeping reform of U.S. financial regulations in the wake of the 2008 financial crisis.

The act stepped up oversight of banks and financial institutions, particularly those deemed to have been responsible for the Great Recession. It created the Financial Stability Oversight Council with the ability to break up banks that were "too big to fail" or to increase their reserve requirements. It also established the CFPB which regulates subprime mortgages and other predatory lending practices.

The Fair Housing Act

The 澳洲幸运5官方开奖结果体彩网:Fair Housing Act protects buyers and renters of housing from being discriminated against by sellers, landlords, or financial institutions.

The Fair Debt Collection Practices Act (FDCPA)

This law limits the actions of third-party debt collectors when they're attempting to collect debts on behalf of another person or entity. It outlines when and how often a third-party debt collector can contact a debtor. Noncompliance by debt collectors can result in lawsuits.

Section 5 of the Federal Trade Act

Section 5 of the Federal Trade Commission Act, sometimes just referred to as “Section 5,” demands that consumers be treated fairly and not deceived or put at risk by businesses. This includes:

• Causing substantial injury to a consumer
• A statement, omission, or practice that's likely to mislead consumers

Telephone Consumer’s Protection Act (TCPA)

This act ensures that consumers aren't deceived and harassed by telemarketers. A national do-not-call list was created thanks to the TCPA.

The CAN-SPAM Act

The Controlling the Assault of Non-Solicited Pornography And Marketing Act of 2003 governs email communications. It establishes requirements for commercial messages, including not using false or misleading headers and subject lines, identifying messages as ads, and providing a postal address and information on how to opt out of being contacted in the future. Recipients have the right to stop being contacted and penalties will be dished out to those who violate the act’s rules.

The Gramm-Leach-Bliley Act (GBLA)

The GBLA requires that all U.S. financial institutions must reveal in writing how they handle, share, and protect consumers’ information.

The Children’s Online Privacy Protection Act

This act governs what information websites that are directed to children under 13 years of age can collect from their visitors.

Be Aware of Scams

Scam artists generally take advantage of whatever is happening at a particular point in time. There were a lot of phony foreclosure rescues that caused people to lose equity in their homes to so-called rescuers in the wake of the housing bust of 2008.

There has also been an increase in scam attempts through automated phone calls. The FTC began receiving reports of scammers posing as government officials during the COVID-19 pandemic, using the promise of unemployment benefits to extract Social Security numbers, private bank account numbers, or other sensitive information.

Consumer protection laws exist to protect consumers and make us feel more confident about buying things but having this protection doesn't mean we shouldn't care about getting scammed. It's better for everyone if a complaint isn't necessary.

Tips include using credit cards rather than debit cards for online shopping and closely reviewing every item on your monthly bills. Customers should also use a separate email account for their online shopping. This helps avoid spam. Never respond to emails asking you to "confirm" recent transactions after you shop because they can be phishing scams.

The Bottom Line

The modern economy is dependent on consumer protection laws. These rules help eliminate bad businesses and they give consumers peace of mind and encourage them to spend more. The number of laws has continued to grow over the decades and has evolved to reflect developing technologies and business practices. Consumers are better informed of their꧋ rights than ever before thanks to the Internet and other technologies.🌠