What is the Federal Trade Commission Act?

The Federal Trade Commission Act is federal legislation passed by Congress in 1914. It created and empowered the Federal Trade Commission (FTC), an independent government agency which has the authority to investigate and regulate unfair competition and deceptive business practices in the United States. The primary purpose of the FTC Act is to protect consumers from unfair and deceptive business practices. Specifically, the law prohibits unfair methods of competition, deceptive acts or practices, and unfair or deceptive advertising. In Delaware, the FTC Act is enforced by the Department of Justice’s Bureau of Consumer Protection. This bureau actively investigates complaints of unfair or deceptive business practices, educates the public on consumer rights, and initiates legal action when necessary. Violation of the FTC Act are punishable by fines and/or imprisonment. In the banking industry, the FTC Act prohibits unfair or deceptive business practices, such as false advertising, making false promises, or engaging in bait and switch tactics. It also requires banks to clearly disclose the terms and conditions of any loan agreements. Overall, the FTC Act is an important piece of consumer protection legislation that is crucial to ensuring the fairness and integrity of the banking industry in Delaware and the rest of the U.S.

Related FAQs

What is the Consumer Financial Protection Bureau?
What is the Unlawful Internet Gambling Enforcement Act?
What is the Credit Repair Organizations Act?
What is the Payment Card Industry Data Security Standard?
How does the Patriot Act impact banking law?
What is the Alternative Mortgage Transaction Parity Act?
What is banking law?
What is the Fair Credit Reporting Act?
What is the Bank Secrecy Act?
What is the Home Affordable Foreclosure Alternatives Program?

What is the Federal Trade Commission Act?

Related FAQs

Related Blog Posts