WGU D216 - Business Law for Accountants
(Consumer Protection, Investor Protection, and
Corporate Governance Competency)
Save
Terms in this set (66)
Consumer Protection Laws Federal Trade Commission Act. Creates Federal Trade
Commission
Identity Theft Protection is part of Federal Trade Commission Act (Created Federal
which Act? Trade Commission or FTC)
Deceptive Advertising Occurs if a reasonable consumer would be misled by
the advertising claim.
Types of Deceptive Advertising 1. Bait and Switch
2. Half-Truths
Bait and Switch Advertising Promoting a low-priced item to attract customers to
the business, then trying to sell a higher priced item.
Item advertised is not available or not shown.
Half-Truths in Advertising Present information that is true, but incomplete, and
leads consumers to a false conclusion (i.e.,
Campbell's Soup is healthy).
Puffery in Advertising Statements that are vague generalities, subjective,
and obvious exaggerations. NOT considered
deceptive and allowed (i.e.
Our detergent will give you the brightest whites
ever).
, Who established and enforces the Federal Trade Commission (FTC)
national "Do Not Call" registry?
What's illegal for telemarketers? Misrepresent facts about their goods, or refuse to
remove the customer's name from the list upon
request.
Fair Credit Reporting Act (FCRA) Protects against inaccurate credit reporting and
requires credit bureaus to review and correct credit
reports if the information is incorrect.
Fair and Accurate Credit Transactions Combats identity theft, created national fraud alert
Act (FACT Act) system, and allows free credit reports once per year.
Telephone Consumer Protection Act Prohibits telephone solicitation using an automatic
(TCPA) telephone dialing system or a prerecorded voice.
Illegal to transmit unsolicited advertisements without
the sender establishing a business relationship with
the recipient.
Who enforces the Telephone Federal Communications Commission (FCC)
Consumer Protection Act?
Colling-off Laws Cancel contract within 3 business days (72 hours).
Who enforces Cooling-off laws? Federal Trade Commission (FTC)
What contracts does the Coolin-off 1. Door-to-Door sales contracts
Law apply to? 2. Trade show sales contracts
3. Contracts for home equity loans
4. Internet purchase contracts
Some states have added dating services, gym
memberships, and weight loss programs.
Truth in Lending Act (TILA) A federal law requiring lenders to provide residential
loan applicants with estimates of the total finance
charges and the annual percentage rate (APR).
(Consumer Protection, Investor Protection, and
Corporate Governance Competency)
Save
Terms in this set (66)
Consumer Protection Laws Federal Trade Commission Act. Creates Federal Trade
Commission
Identity Theft Protection is part of Federal Trade Commission Act (Created Federal
which Act? Trade Commission or FTC)
Deceptive Advertising Occurs if a reasonable consumer would be misled by
the advertising claim.
Types of Deceptive Advertising 1. Bait and Switch
2. Half-Truths
Bait and Switch Advertising Promoting a low-priced item to attract customers to
the business, then trying to sell a higher priced item.
Item advertised is not available or not shown.
Half-Truths in Advertising Present information that is true, but incomplete, and
leads consumers to a false conclusion (i.e.,
Campbell's Soup is healthy).
Puffery in Advertising Statements that are vague generalities, subjective,
and obvious exaggerations. NOT considered
deceptive and allowed (i.e.
Our detergent will give you the brightest whites
ever).
, Who established and enforces the Federal Trade Commission (FTC)
national "Do Not Call" registry?
What's illegal for telemarketers? Misrepresent facts about their goods, or refuse to
remove the customer's name from the list upon
request.
Fair Credit Reporting Act (FCRA) Protects against inaccurate credit reporting and
requires credit bureaus to review and correct credit
reports if the information is incorrect.
Fair and Accurate Credit Transactions Combats identity theft, created national fraud alert
Act (FACT Act) system, and allows free credit reports once per year.
Telephone Consumer Protection Act Prohibits telephone solicitation using an automatic
(TCPA) telephone dialing system or a prerecorded voice.
Illegal to transmit unsolicited advertisements without
the sender establishing a business relationship with
the recipient.
Who enforces the Telephone Federal Communications Commission (FCC)
Consumer Protection Act?
Colling-off Laws Cancel contract within 3 business days (72 hours).
Who enforces Cooling-off laws? Federal Trade Commission (FTC)
What contracts does the Coolin-off 1. Door-to-Door sales contracts
Law apply to? 2. Trade show sales contracts
3. Contracts for home equity loans
4. Internet purchase contracts
Some states have added dating services, gym
memberships, and weight loss programs.
Truth in Lending Act (TILA) A federal law requiring lenders to provide residential
loan applicants with estimates of the total finance
charges and the annual percentage rate (APR).
