Consumer protection laws are meant to protect consumer interest or consumer rights.
Further Explanation:
The government makes consumer protection laws to protect consumer interest and rights. In the U.S, different laws have been proposed at both the state and federal levels to regulate consumer affairs. Following is the list of some important consumer laws:
• Truth in Lending Act.
• Fair Debt Collection Practices Act.
• Federal Food, Drug. Cosmetic Act.
• Fair Credit Billing Act.
• Fair Credit Reporting Act.
• Gramm-Leach-Bliley Act.
Federal Consumer Protection Laws are prepared by the various departments of the government, such as the Consumer Financial Protection Bureau and the Federal Trade Commission.
The consumer law put restrictions on how businesses should manage the transfer and security of consumers' personal information. It also protects the consumer against unfair trade practices and deceptive trade practices. Thus, Consumer protection laws protect consumer interest or consumer rights.
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Answer Details:
Grade: High School
Chapter: Business Studies
Subject: Consumer Law
Keywords: Consumer protection, laws are meant to protect, consumer interest, or consumer rights, Truth in Lending Act, Fair Debt Collection Practices Act, Federal Food, Drug. Cosmetic Act, Fair Credit Billing Act, Fair Credit Reporting Act, Gramm-Leach-Bliley Act.
