Exam 48: The Federal Trade Commission Act and Consumer Protection Laws

The FCRA establishes ________ for persons who knowingly and willfully obtain consumer information from a credit bureau under false pretenses.

The Magnuson-Moss Warranty Act applies to sales of goods costing:

The Consumer Financial Protection Bureau (CFPB)has authority to take regulatory action to prohibit hidden fees charged by a financial institution.

Section 5 of the FTC Act normally is NOT violated when sellers make:

In response to the Do-Not-Call Registry,affected commercial telemarketers initiated litigation brought on lack of statutory authority and:

A comprehensive consumer credit report is a credit report that includes information on a person's character,reputation,personal traits,or mode of living and is based on interviews with neighbors,friends,associates,and the like.

The Fair Credit Reporting Act imposes disclosure duties on:

Which of the following is defined by the Truth in Lending Act as a plan that contemplates repeated transactions and involves a finance charge that may be computed on the unpaid balance?

When the Federal Trade Commission conducts an administrative hearing,the presiding judge in this hearing is a(n):

The main federal body concerned with the safety of consumer products is the Federal Trade Commission.

The most important tool Congress has given the Federal Trade Commission (FTC)is:

The Federal Trade Commission is headquartered in:

Nearly Insolvent Savings & Loan (NISL)recently ran a newspaper advertisement that read as follows: "Unsecured open-end credit lines (maximum $15,000)now available to consumers.Borrow against your line as you need money.Your minimum monthly payment to NISL? Only $25." Which of the following is a legally accurate statement about this advertisement?

An advertisement is in violation of the Federal Trade Commission Act only when it:

Which of the following is true about the Truth in Lending Act (TILA)?

________ are the Federal Trade Commission's responses to a private party's query about the legality of proposed business conduct.

In Kraft,Inc.v.Federal Trade Commission,the case in the text,the court held that:

Average Corp.recently paid for an advertisement that appeared in newspapers across the country.The advertisement consisted of the expression of Average's views on what the federal government should be doing in order to help combat the AIDS crisis.In the expression of these views,the Average advertisement made erroneous statements about how AIDS may be acquired.Assume that the FTC,concerned about the erroneous statements,has begun a deceptive advertising proceeding against Average.What is the strongest legal argument for Average to use in an attempt to have the proceeding dismissed? Explain your reasoning.

The Federal Trade Commission's (FTC's)principal missions are to keep the U.S.economy both free and fair.

Under the Truth in Lending Act (TILA),if a credit plan for a home equity loan involves a variable interest rate,the "index rate" to which changes in the APR are pegged must be: