What is the Federal Trade Commission Act in simple terms?
The basic statute enforced by the FTC, Section 5(a) of the FTC Act, empowers the agency to investigate and prevent unfair methods of competition, and unfair or deceptive acts or practices affecting commerce. This creates the Agency’s two primary missions: protecting competition and protecting consumers.
What is a violation of the Federal Trade Commission Act?
Unfair or deceptive practices that target or have a disparate impact on consumers who are members of these protected classes may violate the ECOA or the FHA, as well as the FTC Act. The Fair Debt Collection Practices Act prohibits unfair, deceptive, and abusive practices related to the collection of consumer debts.
What was the purpose of the Federal Trade Act?
Federal Trade Commission Act (FTCA), federal legislation that was adopted in the United States in 1914 to create the Federal Trade Commission (FTC) and to give the U.S. government a full complement of legal tools to use against anticompetitive, unfair, and deceptive practices in the marketplace.
What does the Federal Trade Commission protect consumers from?
The FTC’s mission is to protect consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.
What are the FTC’s two main concerns and how are they defined?
The Federal Trade Commission (FTC) is a government agency established in 1914 to prevent anticompetitive, deceptive, or unfair business practices. The FTC is defined as having a dual mission of: (1) protecting consumers; and (2) promoting competition.
What are the penalties for violating the Federal Trade Commission Act?
It has increased from $576 to $612 for violations of Section 10 of the FTC Act. The maximum civil penalty amount has increased from $1,246,249 to $1,323,791 for violations of Section 814(a) of the Energy Independence and Security Act of 2007.
What are your rights under consumer rights act of 2015?
The Act gives consumers a clear right to the repair or replacement of faulty digital content, such as online film and games, music downloads and e-books. The law here had been unclear and this change has brought us up to date with how digital products have evolved.
What is the purpose of the Federal Trade Commission FTC )? Quizlet?
What is the Federal Trade Commission? the nation’s consumer protection agency and one of the government agencies responsible for keeping competition among businesses strong. Its job is to make sure companies compete fairly and don’t mislead or trick people about their products and services.
What are the 8 basic rights of the consumers?
The eight consumer rights are: The right to satisfaction of basic needs – to have access to basic, essential goods and services such as adequate food, clothing, shelter, health care, education, public utilities, water and sanitation.
Who does the FTC have jurisdiction over?
United StatesFederal Trade Commission / Jurisdiction
What is the Federal Trade Commission?
A commission is created and established, to be known as the Federal Trade Commission (hereinafter referred to as the Commission), which shall be composed of five Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate.
When to file a section 1691c enforcement action?
(1) whenever any agency having responsibility for administrative enforcement under section 1691c of this title commences an enforcement proceeding within 5 years after the date of the occurrence of the violation,
When does Section 413 of the Consumer Credit Act apply?
Section applicable after the end of the 6-month period beginning on Sept. 30, 1996, except with respect to contracts entered into by a credit repair organization before the end of such period, see section 413 of Pub. L. 90–321, as added by Pub. L. 104–208, set out as a note under section 1679 of this title.
What is section 1691 of the Consumer Credit Act?
§1691. Scope of prohibition It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction— (1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract);