| Consumer Protection Laws |
The Expedited Funds Availability Act requires all banks, savings and loan associations, savings banks, and credit unions to make funds deposited into checking, share draft, and NOW (Negotiable Order of Withdrawal, a form of interest bearing checking) accounts available according to specified time schedules and to disclose their funds availability policies to their customers. The law does not require an institution to delay the customer's use of deposited funds but instead limits how long any delay may last. The regulation also establishes rules designed to speed the return of unpaid checks. (12 U.S.C. § 4001.) Fair Credit and Charge Card Disclosure Act The Fair Credit and Charge Card Disclosure Act requires new disclosures on credit and charge cards, whether issued by financial institutions, retail stores, or private companies. Information such as APRs, annual fees, and grace periods must be provided in tabular form along with applications and pre-approved solicitations for cards. The regulations also require card issuers that impose an annual fee to provide disclosures before annual renewal. Card issuers that offer credit insurance must inform customers of any increase in rate or substantial decrease in coverage should the issuer decide to change insurance providers. (15 U.S.C. § 1637(c)-(g).) Fair Credit Billing Act The Fair Credit Billing Act establishes procedures for the prompt correction of errors on open-end credit accounts. Also, it protects a consumer's credit rating while the consumer is settling a dispute. (15 U.S.C. §1666-1666j.) Fair Credit Reporting Act The Fair Credit Reporting Act establishes procedures for correcting mistakes on a person's credit record and requires that a consumer's record only be provided for legitimate business needs. Also, it requires that the record be kept confidential. Judgments, liens, suits, and other adverse information may be retained in your credit file for seven years. Bankruptcies may be retained 7 or 10 years. If a consumer has been denied credit, a cost-free credit report may be requested within 30 days of denial. (15 U.S.C. §1681.) Fair Debt Collection Practices Act The Fair Debt Collection Practices Act is designed to eliminate abusive, deceptive and unfair debt collection practices. It applies to third party debt collectors or those who use a name other than their own in collecting consumer debts. Very few commercial banks, savings banks, savings and loan associations, or credit unions are covered by this Act, since they usually collect only their own debts. Complaints concerning debt collection practices should generally be filed with the Federal Trade Commission. (15 U.S.C. § 1601.) Fair Housing Act The Fair Housing Act prohibits discrimination on the basis of race, color, gender, religion, handicap, familial status, or national origin in the financing, sale or rental of housing. (42 U.S.C. § 3604.) The Federal Trade Commission Act The Federal Trade Commission Act requires federal financial regulatory agencies to maintain a consumer affairs division to assist in resolving consumer complaints against institutions they supervise. This assistance is given to help get necessary information to consumers about problems they are having in order to address complaints concerning acts or practices which may be unfair or deceptive. (15 U.S.C. §§ 41-58.) Home Equity Loan Consumer Protection Act The Home Equity Loan Consumer Protection Act requires lenders to disclose terms, rates and conditions (APRs, miscellaneous charges, payment terms, and information about variable rate features) for home equity lines of credit with the applications and before the first transaction under the home equity plan. If the disclosed terms change, the consumer can refuse to open the plan and is entitled to a refund of the fees paid in connection with the application. The Act also limits the circumstances under which creditors may terminate or change the terms of a home equity plan after it is opened. (15 U.S.C. § 1637-1647.) Home Mortgage Disclosure Act The Home Mortgage Disclosure Act (HMDA) requires certain lending institutions to report annually on their originations and purchases of mortgage and home improvement loans as well as applications for such loans. The type of loan, location of the property, race or national origin, sex and income of the applicant or borrower is reported. Institutions are required to make information regarding their lending available to the public and must post a notice of availability in their public lobby. Disclosure statements are also available at central depositories in metropolitan areas. This information can help the public determine how well institutions are serving the housing credit needs of their neighborhoods and communities. (12 U.S.C. § 2810(a)-(c).) Identity Theft and Assumption Deterrence Act of 1998 The Identity Theft and Assumption Deterrence Act of 1998 (Identity Theft Act) was enacted to address the problem of identity theft. Specifically, the Act amended 18 U.S.C. § 1028 to make it a federal crime when anyone: Knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of Federal law, or that constitutes a felony under any applicable State or local law. Mail or Telephone Order Rule The FTC Mail or Telephone Order Rule affects merchandise a customer orders from the seller by mail or telephone. It applies to orders of merchandise made either directly or indirectly by telephone, including via fax machines and computers. It does not matter how the merchandise is advertised, how the customer pays, or who initiates the contact. (16 C.F.R. Part 435.) This rule requires sellers who advertise through the mail or sell merchandise by telephone must have a reasonable basis for stating or implying that they can ship within a certain time. If shipment statement is not included, the seller must have a reasonable basis for believing that he or she can ship within 30 days. If, after taking the customer's order, a seller learns that he or she cannot ship within the time stated or within 30 days, the customer's consent to the delayed shipment must be obtained. If the seller cannot obtain the customer's consent to the delay -- either because it is not a situation in which the seller is permitted to treat the customer's silence as consent and the customer has not expressly consented to the delay, or because the customer has expressly refused to consent -- the seller must, without being asked, promptly refund all the money the customer paid for the unshipped merchandise National Flood Insurance Act National Flood Insurance is available to any property holder whose local community participates in the national program by adopting and enforcing flood plain management. Federally regulated lenders are required to compel borrowers to purchase flood insurance in certain designated areas. Also, lenders must disclose to borrowers if their structure is located in a flood hazard area. (42 U.S.C. § 4001.) Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act requires that a consumer be given advance information about the services and costs involved in the closing of a residential mortgage. Also, it limits the amount that can be collected for mortgage escrow. (12 U.S.C. § 2601.) Rights to Financial Privacy Act The Right to Financial Privacy Act provides that customers of financial institutions have a right to expect that their financial activities will have a reasonable amount of privacy from federal government scrutiny. The Act establishes specific procedures and exemptions concerning the release of the financial records of customers and imposes limitations on and requirements of financial institutions prior to the release of such information to the federal government. (12 U.S.C. § 3401.) Telemarketing and Consumer Fraud and Abuse Prevention Act The Telemarketing and Consumer Fraud and Abuse Prevention Act was enacted by Congress to give the FTC the specific authority to establish rules for the prevention of deceptive and fraudulent telemarketing practices. (15 U.S.C. §§ 6101-6108.) Call (888) 5OPT-OUT to have your name removed from marketing lists sold by credit bureaus. Truth in Leading Act The Truth in Lending Act requires disclosure of the "finance charge" and the "annual percentage rate" -- and certain other costs and terms of credit--so that a consumer can compare the prices of credit from different sources. It also limits liability on lost or stolen credit cards. (15 U.S.C. §§ 1601-1667(f).) CONSUMER CONTACT LIST Metro Atlanta, Georgia: Atlanta Better Business Bureau (404) 688-4910 Check with the BBB for reports on local companies, if complaints have been made against the companies and what was done. The BBB also publishes a list of charities that meets its criteria of services for various consumer-business disputes, and issues warnings about consumer scams. Consumer Credit Counseling Service (404) 527-7630 If you are in debt and considering bankruptcy, call this nonprofit agency first. Depending on several factors, it may be able to work out a repayment program with your creditors that will prevent your filing bankruptcy, an act that would remain on your credit report for as long as 10 years. Georgia Department of Labor (404) 656-3017 EEOC Complaint Hotline (404) 331-6531 Georgia Insurance Commission Office (404) 656-2070 Georgia Office of Consumer Affairs (404) 656-3790 This office oversees the Georgia Fair Business Practices Act, accepts consumer complaints about companies and investigates violations of the Act. It also administers the Georgia Motor Vehicle Warranty Rights Act, the auto lemon law that provides for replacement or repurchase of your car if you win an arbitration decision. Georgia Secretary of State (404) 656-2881 This office regulates or oversees business or consumer operations, including investments and charities, and administers licensing boards for 35 trades or professions, ranging from architects to used-car dealers. It also maintains registration files on corporations in Georgia; including the names of officers. Postal Inspection Service (404) 608-4500 For mail fraud, this legal agency is often the first to take action and, if you suspect mail fraud, you may just call it direct. The inspection service closes down many mail scams, but new ones pop up constantly. Your best protection against fraud is your own strong suspicion of any mail offer that's too good to be true. Georgia Physicians Board (404) 656-3913 Georgia Public Service Commission (404) 656-4501 Georgia Student Finance Commission (770) 414-3300 For parents of college-bound students, or students now in college, this is the number to call for information about Hope Scholarships and information about other sources of financial aid or scholarships. In most cases, Jan. 1 is the earliest date to apply for much of the aid. Nationwide: American Family Publishers If you need to verify a sweepstakes offer from American Family Publishers, contact them at 800/237-2400. American Society of Travel Agents (703) 739-2782 Millions of Americans have received postcards or letters describing wonderful vacations, and they often are written in a way to make recipients think the trips are free or low-priced. But they are not, and victims who accept the offers never receive the trips or pay several hundred dollars for them. Before responding to any such offer, call the nation's major association of travel agents for warning signs of scams. Call for Action 5272 River Road, Suite 300 Bethesda, MD 800-647-1756 (202) 537-0585 If you need to verify the legitimacy of a sales organization before you make a purchase, contact Call for Action. They can also help you try to recover money lost through fraud. In addition, you can contact your state attorney general, your local consumer protection organization or the Better Business Bureau. Your local phone directory has phone numbers and addresses. Consumer Product Safety Commission If you encounter a problem with a consumer product or you want information, you can get in touch with the Consumer Protection Safety Commission:
Here is the contact information for the Consumer Product Safety Commission near you:
201 Varick Street, Room 903 New York, NY 10014-4811 (212) 620-4120 Fax: (212) 620-5388 US CPSC Central Regional Center 230 S. Dearborn Street, Room 2994 Chicago, IL 60604-1601 (312) 353-8260 Fax: (312) 353-5013 US CPSC Western Regional Center 1301 Clay Street, Suite 610 N Oakland, CA 94612 (510) 637-4050 Fax: (510) 637-4060 Headquarters Compliance Staff Office of Compliance US CPSC Washington, D.C. 20207 (301) 504-0621 Fax: (301) 504-0012 Publications Office of Information and Public Affairs US CPSC Washington, D.C. 20207 Small Business Ombudsman US CPSC Washington, D.C. 20207 (800) 638-2772, x 234 Fax: (301) 504-0121 E-mail: tmurr@cpsc.gov
There are three major credit bureaus and your credit reports in these bureaus will mainly determine the amount of credit or loans you receive. Mistakes are sometimes made in your report that you need to correct. For instructions on getting your report and correcting any mistakes, contact: EQUIFAX 800-685-1111 EXPERIAN 888-397-3742 TRANS UNION 800-916-8800 Direct Marketing Association 1101 17th St., N.W. #705 Washington, D.C. 20036 Contact the Direct Marketing Association at the above address for assistance with consumer complaints involving mail or telephone orders. Direct Marketing Association 6 East 43rd Street New York, New York 10017 Contact the Direct Marketing Association at the above address if you have questions about unordered merchandise that you have received. Direct Marketing Association Telephone Preference Service P.O. Box 9014 Farmingdale, NY 11735-9014 Contact the Direct Marketing Association at the above address if you need to stop unwanted telephone sales calls. Include your name, address, and telephone number. Under the Telephone Consumer Protection Act of 1991, you can ask that companies put you on their "do not call" lists. If the company calls you again, you can bring action in Small Claims Court. Direct Selling Association 1776 K St., N.W. Washington, D.C. 20006 Contact the Direct Selling Association at the above address for help in dealing with a complaint involving a door-to-door sale. Federal Trade Commission Consumer Response Center 600 Pennsylvania Ave, NW, Washington, DC 20580 If you want to make a complaint or need information, contact the FTC's Consumer Response Center at the above address. Or call them toll-free 1- 877-FTC-HELP (382-4357) TDD: 202-326-2502. You can also use their online complaint form on the Internet. Although the Commission cannot resolve individual problems for consumers, it can act against a company if it sees a pattern of possible law violations. The FTC also publishes free brochures on many consumer issues. For a complete list of publications, contact the FTC's Consumer Response Center at the above address. Federal Trade Commission Correspondence Branch Washington, D.C. 20580 Contact the Federal Trade Commission's Correspondence Branch if:
Federal Trade Commission Public Reference Branch - Room 130 Sixth St. & Pennsylvania Avenue, N.S. Washington, D.C. 20580 Contact the FTC's Public Reference Branch at the above address to receive a free pamphlet about telemarketing "double-scamming" frauds prepared by the FTC in cooperation with Call For Action. Or call (202) 326-2222; TTY for the hearing impaired at (202) 326-2502 Million Dollar Dream Sweepstakes (Time, Inc.) If you need to verify a sweepstakes offer from Million Dollar Dream Sweepstakes, contact them at 800/541-1000. National Charities Information Bureau 19 Union Square West New York, NY 10003-3395 212-929-6300 You can contact the National Charities Information Bureau to check out a charitable organization before you donate your money. National Fraud Information Center This operation was formed by several consumer, private and government groups to fight the burgeoning growth of mail, telemarketing and investment fraud, now estimated to be $40 billion annually. If you have questions or complaints about a telemarketer or sweepstakes, call the National Fraud Information Center at 800/876-7060. The center takes calls from consumers who are suspicious about offers and forward complaints to appropriate legal agencies. You should contact your local consumer protection agency or attorney general's office if you have been victimized by a scam. Publishers Clearing House If you need to verify a sweepstakes offer from Publisher's Clearing House, contact them at 800/645-9242. Reader's Digest Sweepstakes If you need to verify a sweepstakes offer from Reader's Digest, contact them at 800/234-9000. Social Security Almost anything you want to know about Social Security, including the amount of taxes you have paid to date and what you might expect to receive in benefits once you retire, is available by calling 800-772-1213. The above contains general information and is not tailored to a specific legal problem; it should not therefore, be considered legal advice. Do not try to use this information without consulting an attorney to learn how the law affects your unique circumstances. |
transactions. The purpose of this article is to provide an overview of consumer rights and a list of consumer contacts that can provide help or additional information. Consumer Leasing Act The Consumer Leasing Act regulates personal property leases that exceed four months and are made to consumers for personal, family, or household purposes. The Act requires disclosure of information, such as lease costs and terms, so consumers can compare the specifics of various leases and the pros and cons of buying on credit versus paying cash. The Act also imposes limitations on the size of penalties for delinquency and default. The Act does not apply to real estate leases or to leases of four months or less. (15 U.S.C. § 1601(a); (b).) Credit Practices Rule The Credit Practices Rule prohibits lenders from using certain remedies, such as confessions of judgment, wage assignments, and nonpossessory, nonpurchase money security interests in household goods. The rule also prohibits lenders from misrepresenting a cosigner's liability and requires that lenders provide cosigners with a notice explaining the credit obligations of a cosigner. Furthermore, it prohibits the "pyramiding" of late charges (the charging of late fees on unpaid late fees). (16 C.F.R. Part 444.) Electronic Fund Transfer Act The Electronic Fund Transfer Act provides consumer protection for all transactions using a credit card, a debit card, or another electronic means to debit or credit an account. It also limits a consumer's liability for unauthorized electronic fund transfers. (15 U.S.C. § 1693-1693r.) Equal Credit Opportunity Act The Equal Credit Opportunity Act prohibits discrimination against an applicant for credit because of age, sex, marital status, religion, race, color, national origin, or receipt of public assistance. It also prohibits discrimination because of a good faith exercise of any rights under the federal consumer credit laws. If a consumer has been denied credit, the law requires notification of the denial in writing. The consumer may request, within 60 days, that the reason for denial be provided in writing. (15 U.S.C. § 1691-1691f.) |
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