terms
definitions
key terms
fraud
acts
190
Dishonest activity meant to take advantage of and cause harm to consumers.
fraud
190
Legal protection of exclusive rights of ownership and use for innovative and useful ideas relating to products or methods of production.
patent
190
Possessions that have monetary value.
assets
190
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.
bankruptcy
190
Established standards for product safety; allowed for mandated recalls of harmful products or services
Consumer Product Safety Act of 1972
200
A person who buys goods or services for personal use is a?
a consumer
200
Legal protections that give exclusive rights of ownership and distribution to the original authors of creative works.
copyright
200
A numerical score reached by a credit bureau and based on one's credit history.
credit score
200
A business that pursues payments of debts owed by individuals or businesses.
collections agency
200
Practices of lending institutions and credit bureaus
Fair Credit Reporting Act of 1970
300
Laws designed to protect the freedom of a competitive market and prevent any business from fully controlling that market.
antitrust laws
300
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.
product liability
300
A money transfer scheduled on a predetermined date to pay a recurring bill.
automatic bill payment
300
An approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.
debt-settlement programs
300
Regulates the behavior of debt collectors
Fair Debt Collection Practices of 1978
400
A lawsuit is brought against a business by a large number of people who have suffered the same or similar damages.
class action lawsuit
400
Additional fines are added by the court as a way to punish wrongdoers and deter them and other parties from committing crimes.
punitive damages
400
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
400
Money that is owed, past the traditional 30-day period, by one party (the debtor) to another party, for goods or services rendered.
delinquent debt
400
Written laws passed by a legislature at the state or federal level.
statutes
500
Department of the Federal Trade Commission that deals with issues related to consumer protection.
Bureau of Consumer Protection
500
A government agency that makes and enforces safety regulations.Occupational Safety and Health Administration
stands for the Occupational Safety and Health Administration
500
When someone other than the debtor petitions the court to declare the debtor bankrupt.
involuntary bankruptcy
500
What is A deposit or fund held in trust or as a security?
escrow
500
Prevents the use of threats or violence to issue or collect on loans.
Title II: Extortionate Credit Transactions