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Lecture Dynamic business law - Chapter 45: Consumer law

After reading this chapter, you will be able to answer the following questions: What is the purpose of the Federal Trade Commission Act? How does the Federal Trade Commission determine what constitutes deceptive advertising? What is the purpose of labeling and packaging laws? What are the different methods of sales? What are the different acts that provide credit protection? What are the different acts that help ensure consumer health and safety? | Chapter 45 Consumer Law Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 45: Consumer Law Consumer Law (Definition): A statute or administrative rule serving to protect consumer interests 45- Consumer law is a statute or administrative rule serving to protect consumer interests. 45- Federal Trade Commission (FTC) Created by Congress through Federal Trade Commission Act (FTCA) of 1914 Purpose of FTCA: Prevent fraud, deception, and unfair business practices Purpose of FTC: Enforce provisions of FTCA FTC methods to protect consumers: Consumer Education Legal Action The Federal Trade Commission, or “FTC,” was created by Congress through the Federal Trade Commission Act, or “FTCA.” The purpose of the FTCA is to prevent fraud, deception, and unfair business practices, while the purpose of the FTC is to enforce the provisions of the Federal Trade Commission Act. Federal Trade Commission methods to protect consumers include consumer education, and legal action. 45- How The FTC Brings An Action: FTC conducts an investigation FTC sends a complaint to the violator FTC and violator settle complaint through “consent agreement” If company refuses to enter consent agreement, FTC may issue formal administrative complaint, which leads to administrative hearing If company has violated the law, FTC issues a “cease-and-desist” order In terms of bringing an action based on fraud, deception, or unfair business practices, the Federal Trade Commission first conducts an investigation. If the investigation reveals evidence of fraud, deception, or unfair business practices, the FTC then sends a complaint to the violator. The FTC and the violator may settle the complaint through a “consent agreement,” but if the company refuses to enter into a consent agreement, the FTC may issue a formal administrative complaint, which leads to an administrative hearing. | Chapter 45 Consumer Law Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 45: Consumer Law Consumer Law (Definition): A statute or administrative rule serving to protect consumer interests 45- Consumer law is a statute or administrative rule serving to protect consumer interests. 45- Federal Trade Commission (FTC) Created by Congress through Federal Trade Commission Act (FTCA) of 1914 Purpose of FTCA: Prevent fraud, deception, and unfair business practices Purpose of FTC: Enforce provisions of FTCA FTC methods to protect consumers: Consumer Education Legal Action The Federal Trade Commission, or “FTC,” was created by Congress through the Federal Trade Commission Act, or “FTCA.” The purpose of the FTCA is to prevent fraud, deception, and unfair business practices, while the purpose of the FTC is to enforce the provisions of the Federal Trade Commission Act.