Business law final review

Business law final review - BUL4310FinalNotes CHAPTER23

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BUL 4310 Final Notes 22:31 CHAPTER 23 Fair Credit Reporting Act Passed in 1970 to protect consumers against inaccurate credit reporting Acts says that consumer credit reporting agencies may issue credit reports  only for specified purposes: o Extension of Credit o Issuance of Insurance Policies o Compliance with a Court Order o In Response to a Consumer’s report for a copy of his or her own credit  report Consumers are allowed to see everyone who has viewed their agency report If a consumer sees that their information is inaccurate then they are allowed  to dispute it. Consumer Product Safety Act pg.593 Consumer Product legislation began in the 1953 with the Flammable Fabrics Act In 1972, Congress passed the Consumer Product Safety Act The Act also established the Consumer Product Safety Commission (CPSC) o The CPSC sets standards for consumer products and bans manufacturing and sale of any product it deems potentially hazardous to consumers. o Has ability to remove any products from the market that are potentially dangerous. o The CPSC has authority to administer other product safety legislation: Child Protection and Toy safety Act of 1969 Federal hazardous Substance Act of 1960 o The CPSC has banned products such as fireworks, crib and toys, asbestos and vinyl chloride Chapter 26
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Trusts: A number of small companies that combine to form large business organizations that have gained considerable market power. An arrangement in which some party, referred to as trustee, holds the legal title to
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Business law final review - BUL4310FinalNotes CHAPTER23

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