Exam 19: Consumer Protection

If a consumer's application for credit is denied, the creditor must provide written notice to the consumer containing what information?

Credit bureaus are regulated by:

An extermination company promised customers who had their houses treated for termites that they had a life-time guarantee for free re-treatment if they paid a small fixed annual fee. The company lost money on the guarantee and so it raised the fee. If the FTC sued the company, it would claim the practice was:

Prescription drugs can only be bought at:

The Credit Card Accountability Responsibility and Disclosure Act (Credit CARD Act) imposed new restrictions on credit card companies in 2010.

One of the best-known trade regulation rules is the:

Suppose a debt collector has been calling and sending notices of a debt you owe. If you wish to end further notification from the debt collector, you must:

Which of the following was a factor in triggering the passage of the Pure Food and Drug Act:

The FTC's ____ states that the information received in consumer reports must be properly destroyed after it has been used for its proper purpose.

Under the Equal Credit Opportunity Act, a creditor is permitted to:

The Fair Credit Reporting Act focuses on confidentiality and accuracy in compiling and distributing consumer credit reports.

If company A engages in false advertising that lures customers away from company B, and company B sues, under the Lanham Act it may collect:

States have laws similar to the FTC's powers to attack deceptive business practices.

Which of the following is not a feature of the Fair Credit Billing Act:

The Fair and Accurate Credit Transactions Act (FACT Act) requires credit reporting services to let consumers see their credit reports annually for free.

The FTC may not prosecute companies that sell investment scams; that responsibility falls with the Securities and Exchange Commission.

The Equal Credit Opportunity Act makes it illegal for a creditor to take into account the income of a person who applies for credit.

Which of the following is an example of a class I medical device:

Under the Lanham Act, U-Haul was able to sue a competitor for false advertising and was awarded $40 million in damages.

The FTC may not bring an action against a company for an unfair act; the act must be unfair and deceptive.