Consumer Laws

Fair Debt Collection Practices Act (FDCPA)

The Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq., is a United States statute added in 1978 as Title VIII of the Consumer Credit Protection Act . Its purposes are to eliminate abusive practices in the collection of consumer debts , to promote fair debt collection , and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy. The Act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the Act. It is sometimes used in conjunction with the Fair Credit Reporting Act. (read more…)

Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act (FCRA) is a United Statesfederal law(codified at 15 U.S.C.§ 1681et seq.) that regulates the collection, dissemination, and use of consumer information, including consumer credit information. Along with the Fair Debt Collection Practices Act(FDCPA), it forms the base of consumer credit rights in the United States. It was originally passed in 1970, and is enforced by the US Federal Trade Commissionand private litigants. (read more…)

Credit Repair Organizations Act (CROA)

The Credit Repair Organizations Act (“CROA”) is not actually an Act, it is actually Title IV of The Consumer Credit Protection Act . Section 401 states, however, it can be referred to as “Credit Repair Organizations Act”. The purposes of the Credit Repair Organizations Act is to ensure that prospective buyers credit repair services from credit repair organizations are provided with the information necessary to make an informed decision. It intends to protect the public from unfair or deceptive advertising and business practices by credit repair organizations. It enumerates prohibited practices, required disclosures, contract requirements, liability , and penalties for non-compliance and procedure to report non-compliance. (read more…)

Telephone Consumer Protection Act (TCPA)

The Telephone Consumer Protection Act of 1991 (TCPA) was passed by the United States Congress in 1991. The current version of the statute is found principally at 47 U.S.C. 227 . The TCPA is the primary law in the United States governing the conduct of telephone solicitations, i.e., telemarketing . The TCPA restricts the use of automatic dialing systems , artificial or prerecorded voice messages, SMS text messages received by cell phones, and the use of fax machines to send unsolicited advertisements. It also specifies several technical requirements for fax machines, autodialers, and voice messaging systems—principally with provisions requiring identification and contact information of the entity using the device to be contained in the message. (read more…)

Truth in Lending Act (TILA)

The Truth in Lending Act (TILA) of 1968 is United States federal law designed to promote the informed use of consumer credit , by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer’s principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. (read more…)

Fair Credit Billing Act (FCBA)

This Act, amending the Truth in Lending Act, requires prompt written acknowledgment of consumer billing complaints and investigation of billing errors by creditors. The amendment prohibits creditors from taking actions that adversely affect the consumer’s credit standing until an investigation is completed, and affords other protection during disputes. The amendment also requires that creditors promptly post payments to the consumer’s account, and either refund overpayments or credit them to the consumer’s account. (read more…)

Electronic Funds Transfer Act (EFTA)

This statute establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems. The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and others to have certain procedures for preauthorized transfers, and sets liability limits for losses caused by unauthorized transfers. (read more…)