Business Law

In reviewing all of the consumer protections identified in Chapter 13, classify the two most harmful to citizens if the protection did not exist. State your rationale with your answer.

Consumer Credit and the Credit Protection Act: is an umbrella consumer protection law that includes the Equal Credit Opportunity Act, the Fair Credit billing Act, the Fair Credit Reporting Act, and the Truth in Lending Act, the Fair Debt Collections Act. Consumers are protected with Consumer Credit and Credit Protection Act. If we did not have this law consumers will be railroad by the firms who issue credit. This law protects the consumers with the credit cards, mortgages, and loans.

Consumer Product and Safety Commission: was enacted to protect the consumers against unreasonable risks of injury associated with consumer products and assisting consumers in evaluating the comparative safety of the product.

Each of these consumer protection laws are set to protect the consumers. Federal and state has set regulated laws to protect the consumers from unsafe or harmful consumer products, unfair and deceptive trade practices, fraud and misleading, or discriminatory credit requirements.

We had a bank in the area that would not lend to the Gary area, which is predominately black. Lawsuits were filed against the bank and they had to begin lending in our area.

Share the deceptive tactic you investigated from the e-Activity. On a scale of 1 to 5 with 5 being highly deceptive, rate the tactic you found and state why you gave it that rating.

Timeshares is number 5 in being deceptive. The individuals who head this orientation have gimmicks to draw a consumer to the presentation. They make it sound good and if you do not purchase then they try and make you feel as if you are less than nothing for not buying a timeshare it