Consumer law is a broad term that encompasses transactions between consumers and businesses in areas such as bankruptcy, credit markets, goods and services, and real estate. It is established in primary sources through federal statutes, regulations, and administrative law decisions.
A consumer is "a person who buys goods or services for personal, family, or household use, with no intention of resale; a natural person who uses products for personal rather than business purposes." Black's Law Dictionary (9th ed. 2009).
Since the consumer is the end-user, most consumer laws were created to ensure fairness and protections for the consumer.
Many laws have been promulgated or enacted to help protect the consumer from financial or other harm. Consumer regulations help prevent fraud and other unfair acts toward consumers. There are many helpful resources to navigate the law and learn about the remedies available to a consumer, whether seeking for information in the areas of identity theft, product liability, credit collection practices, contract disputes, or lending. Businesses and other entities dealing with consumers must be familiar with the legal aspects of transacting with customers or clients to act according to the law to avoid liability or sanctions.
Consumer Credit: Leases, loans, and consumer credit sales
Interest Rates and Finance Charges
Billing Errors and Unauthorized Transfers
Recourse and Remedies
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