Privacy And Consumer Protection

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Question 1

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Use and transfer of personal property by individuals in the U.S. is unrestricted.

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Question 2

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Consumer protection laws arise when legislatures define an ambiguous legal boundary between certain types of sellers and buyers in ways that favor buyers.

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Question 3

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The Fair Credit Reporting Act regulates credit reports on both consumers and businesses.

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Question 4

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The major duty of the Magnuson-Moss Warranty Act is to require the FTC to issue rules regarding consumer product warranties.

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Question 5

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Trade practice regulation ensures fair competition by preventing those who would deceive consumers from diverting trade from those who compete honestly.

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Question 6

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Industry guides issued by the FTC are formal and legally binding.

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Question 7

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Under the cease and desist order issued by the Bureau of Consumer Protection, a party assents to sign an order which restrains the promotional activity deemed offensive.

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Question 8

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The basic penalty for trade practice violations under the FTC Act is a civil fine of not more than $10,000 per violation.

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Question 9

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The FTC commissioners are appointed by the president.

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Question 10

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Using zip codes as a factor in denying credit has been determined to be illegal by the FTC due to possible discrimination that could result.

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Question 11

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The Truth-in-Lending Act covers transactions in which the debtor is a corporation or a business entity,

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Question 12

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Recording fees and taxes are not considered in a loan's finance charge.

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Question 13

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The Fair Debt Collection Practices Act applies only to consumer debt collections.

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Question 14

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The Fair Debt Collection Practices Act exempts attorneys who collect consumer debts on behalf of their clients.

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Question 15

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A debt collector is not required to disclose his/her identity as a debt collector to delinquent customers they call when attempting to collect a legitimate, delinquent debt.

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Question 16

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Congress has specified that the Fair Debt Collection Practices Act preempts any state laws regulating debt collection in an effort to standardize enforcement in the industry.

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Question 17

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In a bankruptcy proceeding against an individual, the individual's property is liquidated under Chapter 7 of the bankruptcy law.

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Question 18

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Bankruptcy laws are subject to regulatory interpretation.

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Question 19

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Voluntary bankruptcy proceedings are filed by the creditor.

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Question 20

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In a bankruptcy proceeding against an individual, debts are adjusted under Chapter 13 of the bankruptcy law.

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