Business, 03.02.2020 18:48 shayneseaton

Consumer protection laws are meant to

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The laws are designed to prevent the businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors. They may also provide additional protection for those most vulnerable in society.

Answer from: LILYTH8413

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.

Learn More:

1. Learn more about the laws related to the consumer

2. Learn more about business law

3. Learn more about the type of association

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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.

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