Consumer Protection Federal protection State Protection Product liability.

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Presentation transcript:

Consumer Protection Federal protection State Protection Product liability

Vocabulary ► Caveat emptor ► Class actions ► Cease and desist ► Consent order Consent order Consent order ► restitution Let the buyer beware Allows a suit to be brought on behalf of a class of similarly wronged persons An order of the court to stop doing something A voluntary (court enforceable) action to stop a questionable practice Return of money wrongfully obtained

The market If I knew what to look for I wouldn’t need protection from unscrupulous or greedy companies! There are just too many products! I can’t possibly know about all of them

The Market Huge corporations are capable of manipulating the marketplace!

Consumer Laws generally... ► Protect against dangerous and substandard goods substandard ► Prohibit unfair trade practices practices ► Require licenses and inspections where needed inspections ► Provide remedies for injured persons remedies

Product Safety Standards ► Regulated by the 1972 Consumer Product Safety Act which created the CPSC  Companies are required to report product failures, notify the buyers and recall and repair the product, replace it, or refund the money. report product failuresreport product failures  CPSC receives reports from hospitals  CPSC has the power to seize a product and remove it from the market

Food, Drugs, Cosmetics ► Regulated by the Food and Drug Act  Ensure clean production facilities clean production facilitiesclean production facilities  Also inspected by the USDA – canners, packers, meat processors, imported food meat processorsimported foodmeat processorsimported food  FDA requires labels on products labels ► Manufacturer and location ► Quantity ► Nutritional facts  FDA regulates drugs – mainly decides which are prescription and which are OTC. drugs  Cosmetics are regulated Cosmetics

Standards for Weights and Measures ► Regulated by the National Bureau of Standards  Provides standard sets of weights and measures to state and local govt weights and measuresweights and measures  Regulates through inspections, testing, enforcement  Ie.) gasoline, food in grocery store that is weighed, rope or wire used in farming, taxicabs

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