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Blaw

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BLAW
Ch. 21: Consumer protection
Deceptive advertising * Are you telling the truth? * Bait and Switch * A practice of advertising a product way below market value (good deal) no stock so they run out fast
The Role of the FTC * Receive complaint * Issue cause and desist order * Order counter advertising
Telemarketing
* Telephone consumer protection act (enforced by FCC) * Telemarketing and Consumer Fraud and Abuse Act
Sales
* Unsolicited merchandise in mail * 3-day rule – 3 day cooling off period * You have 3 days to get your money from a door salesman back after you buy an item * A. Truth in lending: disclosure law. Finance charge and * B. Equal Credit Opportunity Act * Marital Status is now a protected group you can discriminate against in the extension of credit
Credit Protection * Use of credit cards: an abundance of caution * Payment credited when received! * Liability for lost credit cards: $50 * Liability for lost ATM or Debit cards. Errors in billing.
Fair Credit Reporting Act * Notification if denied credit or insurance on the basis of a credit report * On written request credit agency must
Protection for debtors: The Fair Debt Collections Practices Act * This law place limits on what the professional debt collector can do when trying to collect money from you
The Sherman Act of 1890: Two major parts * Sec. 1: restraint of trade * A. Per se violation * B. Rule of reason: factors… * Purpose of agreement * Power to achieve purpose * Horizontal restraint * Price fixing * Group boycott * Division of markets * Trade associations (OK) * Can’t use that organization to price fix, can’t set your prices * Vertical restraints (rule of reason) * Territorial restrictions * Resale price maintenance agreements * Sec. 2: monopolization * Predatory pricing: selling below cost in order to eliminate competition
The Clayton Act of 1914 * Sherman Act broad; Clayton Act deals with specific practices * Price discrimination * You can break rule if your selling retailer large quantity * Exclusionary practices; * Exclusive dealing contract: buyer of goods prohibited from buying goods of a competitor * Enforcement and exemptions * DOJ (prosecuting authority) and FTC

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