Learn about the Consumer Protection Regulation
A department of the Federal Trade Commission is the Bureau of Consumer Protection, and its “mandate is to protect consumers against unfair, deceptive, or fraudulent practices.” There are six divisions of the Bureau of Consumer Protection as follows:
Advertising Practices Division: Consumers are protected from misleading or unsubstantiated advertising. The focus is on advertising for the following products: tobacco and alcohol, food and over-the-counter drugs, energy-related products, environmental products, and infomercials.
Compliance Division: Consumers are protected by enforcing court orders in consumer protection cases, investigating and bringing civil actions to stop fraudulent, unfair, or deceptive marketing and advertising practices, and enforcing consumer protection laws.
The Division of Financial Practices: Many consumer credit statutes apply, including the Consumer Leasing Act, the Credit Practices Rule, the Equal Credit Opportunity Act, and the Fair Credit Billing Act. The text of these laws can be found on the Federal Trade Commission website http://www.ftc.gov.
The Division of Marketing Practices: Enforces federal consumer protection laws by filing legal actions to stop scams and help scam victims
The Planning and Information Division: Measures the impact of the FTC’s activities to protect consumers, including the Identity Theft Program.
The Office of Consumer and Business Education: Establishes public education programs for consumers and industry about fraud, deception, and unfair practices through the use of print, broadcast, and electronic media.
You or your attorney would be wise to visit the FTC’s website, read the regulations, and set up systems to make sure you adhere to and comply with them. If the FTC determines that you are violating any of its regulations, it has the authority to seize your assets pending an investigation. If the FTC obtains a court ruling against you, the penalties are significant and the FTC could go out of business.