To give you a broader knowledge of the legal aspect of arbitration, USAC has collected some of the most vital and important legislation. A greater understanding of arbitration will show how valuable it is in society today.
Title X of this Act creates a new Bureau of Consumer Financial Protection within the Federal Reserve Board as a new supervisor for certain financial firms and as a rulemaker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services. The Act transfers most of the FTC’s rulemaking authority and one study requirement to the Bureau but the FTC retains all of its enforcement authority and some rulemaking authority.
This Act (Title IX of the Consumer Credit Protection Act) establishes the rights, liabilities and responsibilities of participants in electronic fund transfer systems. The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and others to have certain procedures for preauthorized transfers, and sets liability limits for losses caused by unauthorized transfers. The Credit CARD Act and the Dodd-Frank Act made substantial amendments to this Act.
This Act, amending the Truth in Lending Act, requires creditors to provide certain disclosures for open-end credit plans secured by the consumer’s dwelling and imposes substantive limitations on such plans.
The Act, amending the Truth in Lending Act, establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with high-cost mortgages. The Dodd-Frank Act made substantial amendments to this Act.
Title I of this Act authorizes the Federal Trade Commission to develop regulations for written warranties. The Act directs the Commission to establish disclosure standards for written warranties, specifies standards for “full” warranties, limits disclaimer of implied warranties, and establishes consumer remedies for breach of warranty or service contract obligations…
Section 626 of this Act (now codified at 12 U.S.C. § 5538) directs the Federal Trade Commission to initiate rulemaking relating to unfair or deceptive acts or practices regarding mortgage loans, including loan modification and foreclosure rescue services. It also authorizes the FTC to enforce the rules and obtain civil penalties for violations. Under the Dodd-Frank Act, the rulemaking authority transferred to the Bureau of Consumer Financial Protection, but the FTC retains its enforcement authority.
This Act prohibits any post-transaction third party seller (a seller who markets goods or services online through an initial merchant after a consumer has initiated a transaction with that merchant) from charging any financial account in an Internet transaction unless it has disclosed clearly all material terms of the transaction and obtained the consumer’s express informed consent to the charge. The seller must obtain the number of the account to be charged directly from the consumer.
The Act, as amended, requires the Commission to promulgate regulations (a) defining and prohibiting deceptive telemarketing acts or practices; (b) prohibiting telemarketers from engaging in a pattern of unsolicited telephone calls that a reasonable consumer would consider coercive or an invasion of privacy; (c) restricting the hours of the day and night when unsolicited telephone calls may be made to consumers; and (d) requiring disclosure of the nature of the call at the start of an unsolicited call made to sell goods or services.
This Act to reform health care provides for the FTC to participate in the Interagency Working Group on Health Care Quality and the National Prevention, Health Promotion and Public Health Council, both established under the Act.