terms
fraud
Dishonest activity meant to take advantage of and cause harm to consumers.
Legal protection of exclusive rights of ownership and use for innovative and useful ideas relating to products or methods of production.
What is a patent
Possessions that have monetary value.
assets
bankruptcy
A legal condition and process by which debtors are given protection from creditors and helped to escape their debt burden, either by repayment or dismissal of their debt.
Consumer Product Safety Act of 1972
Established standards for product safety; allowed for mandated recalls of harmful products or services
What is a consumer
A person who buys goods or services for personal use.
The correct term for copyright is
Legal protections that give exclusive rights of ownership and distribution to the original authors of creative works.
A numerical score reached by a credit bureau and based on one's credit history.
credit score
collections agency
A business that pursues payments of debts owed by individuals or businesses.
Fair Credit Reporting Act of 1970
Practices of lending institutions and credit bureaus
antitrust laws
Laws designed to protect the freedom of a competitive market and prevent any business from fully controlling that market.
product liability
The law that tells what manufacturers must do to explain how they back their products as safe, how they may breach their duty, and how consumers can be protected if they are injured by a defective product.
A money transfer scheduled on a predetermined date to pay a recurring bill.
automatic bill payment
debt-settlement programs
An approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.
Fair Debt Collection Practices of 1978
Regulates behavior of debt collectors
class action suit
A lawsuit is brought against a business by a large number of people who have suffered the same or similar damages.
punitive damages
Additional fines are added by the court as a way to punish wrongdoers and deter them and other parties from committing crimes.
An estimate of income and spending for a set period of time.
An estimate of income and spending for a set period of time.
A budget
What is the delinquent debt
Money that is owed, past the traditional 30-day period, by one party (the debtor) to another party, for goods or services rendered.
statutes
Written laws passed by a legislature on the state or federal level.
Bureau of Consumer Protection
Department of the Federal Trade Commission that deals with issues related to consumer protection.
What is (OSHA)
A government agency that makes and enforces safety regulations.Occupational Safety and Health Administration
what is involuntary bankruptcy
When someone other than the debtor petitions the court to declare the debtor bankrupt.
What is A deposit or fund held in trust or as a security?
escrow
Title II: Extortionate Credit Transactions
Prevents the use of threats or violence to issue or collect on loans.