The Security Exchange Commission (SEC) is a federal administrative agency tasked with monitoring markets, enforcing securities laws, and developing new regulations.
There have been no legal violations by the SEC. Joe must be a US citizen or a foreigner with a valid visa in order to see a study from the Security Exchange Commission that discusses the implications of derivative financial products and their possible effects on the US stock market. Joe, a French national, asked the Securities and Exchange Commission for a copy of a report that discussed the implications of derivative financial products and their possible impact on the US stock market. Joe has no investment accounts of any kind and does not hold any derivative financial instruments. Due to this and the fact that Joe is not a US citizen, the SEC rejects his request. However, the SEC hasn't broken the law in any way. Any US citizen or foreign national with a valid visa is allowed to request a copy of any current reports from the SEC, according the law. Joe, however, is unable to view the SEC's study on the impact of derivative financial products and their possible impact on the US stock market since he is not a US citizen.
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The area of consumer protection has given rise to a myriad of statutes at both the federal and state level that seek to protect the consumer from the dangers of the marketplace. (Ch. 44) Identify and discuss any three (3) specific areas of consumer activity that have become a focus of this type of legislation. Consumer Protection Ch 44 Please note that this area of law is reflective of many statutes that address the subject matter, only some of which, are referenced within this outline. Introduction Consumer transactions defined as goods, credit, services or land for personal, household or family purposes (cf. caveat emptor - "let the buyer beware" A. State and federal Consumer Protection Agencies Abuses include credit, deceptive trade practices, unsafe products, unfair pricing. 1) State and local consumer protection agencies-address fraudulent and deceptive trade and sales practices, defective goods and services 2) Federal Trade Commission (FTC)-re: used cars, franchises, funerals, door to door sales etc. unfair competition (ant- trust) unfair and deceptive trade practices deception-misrepresentation, omission or practice likely to mislead advertising substantiation -reasonable basis for advertising claims 3) Remedies Affirmative disclosure Corrective advertising Cease and desist orders 4) Consumer Product Safety Commission - protects public re unsafe products, evaluates products, uniform standards, excludes autos, tires, tobacco, firearms, food. drugs among others and enforcement re: hazardous substances 5) Consumer Financial Protection Bureau-authority over consumer financial products or services 6) Other federal consumer protection agencies- National Highway Traffic Safety Administration (NHTSA) -autos, etc. Federal Drug administration (FDA)-food, tobacco, drugs, medical devices, cosmetics, etc. B. Consumer purchases State contract law (UCC Art 2) provide many rights and obligations 1) Federal warranty protection -applies to sellers of consumer goods who give written warranties (ensure certain features of consumer goods or services) 2) As per Magnusson Moss Warranty Act need provide adequate assurance re: warranties (disclosures, labeling, disclaimers) 3) State lemon laws-provides new car purchasers w/ rights 4) Consumer right of rescission w/n 3 days of signing C. Consumer Credit Transactions Applies to any credit transactions re: goods, services or land for personal, household or family- Federal Consumer Credit Protection Act (FCCPA) 1) Access to the market-addresses discrimination in extending credit/ several applicable statutory protections 2) Disclosure requirements Truth - in- Lending Act (TILA) provides information such as charges, late fees etc. re: credit accounts 3) Among areas addressed are: Home equity loans fixed amount secured by home Billing errors re: disputed amounts Settlement charges -applies to real estate escrow accounts Mortgage Reform and Anti- Predatory Lending Act 4) Contract terms- FTC limit rights of holders in due course when debt arises out of consumer credit transaction 5) Consumer credit card fraud- limits liability for unauthorized use up to $50 6) Fair reportage- Fair Credit Reporting Act (FRCA) -prohibits use of inaccurate or dated information in consumer reports 7) Credit card bill of rights re: interest rates, notices, payments and penalties D. Creditor remedies 1) Wage assignments - protects against discharge from employment Garnishment -only by court order 2) Security interest in goods- seller may retain security interest in goods sold w/ restrictions 3) Debt collection practices-prohibitions on abusive, deceptive, unfair practices including harassing conduct
Numerous federal and state laws have been passed in the field of law known as consumer protection in an effort to protect consumers from the risks present in the marketplace. Three specific consumer activities that have come under the purview of such legislation are as follows:
1. Purchases by consumers: This refers to the sale of products and services, as well as real estate, for private, domestic, or familial use. For instance, written warranties offered by vendors of consumer goods are covered under the Federal Warranty Protection. On the other hand, new automobile buyers have rights under lemon laws.
2. The use of consumer credit: It covers all credit agreements for purchases of commodities, services, or real estate made for private, domestic, or familial use. The Federal Consumer Credit Protection Act (FCCPA) is applicable to a number of legal protections, such as banning discrimination in credit-granting.
3. Credit Remedies: There are many different types of creditor remedies, including wage assignments, garnishments, security interests in property, and debt collection techniques. Garnishment is only legal with a court order, and wage assignments guard against termination from employment. The credit card bill of rights places restrictions on credit card users' interest rates, notifications, payments, and penalties, and fair reporting forbids the use of inaccurate or out-of-date information in consumer reports. Protecting consumers from dishonest and misleading business practices, as well as faulty goods and services, is the responsibility of the Consumer Financial Protection Bureau and other government consumer protection organizations, such as the National Highway Traffic Safety Administration (NHTSA).
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