Understanding Statutory & Administrative Law: Agencies, Regulations & Consumer Protection, Quizzes of Business and Labour Law

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TERM 1 Statutory law DEFINITION 1 legislative TERM 2 Aministrative law DEFINITION 2 Quasi Legislative TERM 3 congress passes DEFINITION 3 enabling legislation specifiing the name, purpses, functions, and powers of the agency being created TERM 4 an enabling statute defines DEFINITION 4 the agencys legal authority TERM 5 executive agencies DEFINITION 5 officers are appointed and removed at the discretion of the president TERM 6 independent regulatory agencies DEFINITION 6 officers are appointed for a fixed time and cannot be removed except for just cause TERM 7 in the absence of any prodecdural requirements in an agencys enabling legislation DEFINITION 7 use the APA TERM 8 courts can hold an agencys actions as unlawful where such actions are DEFINITION 8 arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law TERM 9 examples of unlawful agency actions DEFINITION 9 agency failed to provide a rational explanation for its decision. changed its prior policy without justification. considered legally inappropriate factors. entirely failed to consider a relevant factor. rendered a decision plainly contrary to the evidence TERM 10 rulemaking under the APA DEFINITION 10 rules/regulations created by the agency are legislative rules TERM 21 Bait and switch DEFINITION 21 a practice where sellers advertise products that are not generally available but are being used to draw interested parties in so that they will buy other products. merchants must have enough stock on hand to meet reasonable demand for any advertised product TERM 22 mail order companis must ship and item DEFINITION 22 within the time stated or if no time is given within 30 days TERM 23 if a company cannot ship the product when promised DEFINITION 23 it must send the customer a notice with the new shipping date and an opportunity to cancel TERM 24 ftc prohibits telemarketers from called DEFINITION 24 any telephone number listed on its do not call registry TERM 25 anyone who recieves unordered merchandise in the mail can DEFINITION 25 treat it as a gift TERM 26 a salesperson DEFINITION 26 is required to notify the buyer that she has the right to cancel the transaction prior to midnight of the third business day thereafter. notice must be given orally and in writing. seller must return the buyers money within ten days TERM 27 turth in lending act DEFINITION 27 this disclosure law was passed to ensure that consumers were adequately informed about credit terms before entering into a loan and could compare the cost of credit. administered by federal reserve board TERM 28 TILA applies to a transaction only if DEFINITION 28 it is a consumer loan, the loan has a finance charge or will be repaid in more than four installments, the loand is for less than 25,000 or secured by a mortgage on real estate, the loan is made by someone in the business of offering credit TERM 29 required disclosure in all loans regulated by TILA DEFINITION 29 the disclosures must be clear and in meaningful sequence. the lender must disclose the finance charge. the creditor must also disclose th annual percentage rate TERM 30 open end credit DEFINITION 30 a credit transaction in which the lender makes a series of loans that the consumer can repay at once or in installments. before beginning an open end credit account the lender must disclose to the consumer when a finance charge will be imposed and how the finance charge will be calculated TERM 31 close end credit DEFINITION 31 in a closed en transaction there is only one loan and the borrower knows the amount and the payment schedule in advance TERM 32 home mortage loans DEFINITION 32 tila prohiits unfair abusive or deceptive home mortgage lending practice TERM 33 subprime loans DEFINITION 33 a loan that has an above market interest rate because the borrower is high risk. this provision regulates TERM 34 for subprime loans a lender DEFINITION 34 must verify the borrowers ability to repay the load from incoem and assets other than the homes value. may nto charge prepayment if monthly payments can change in the first four years of the loan. must collect property taxes and homeowners insurance for all first mortgages TERM 35 hoem equity loans DEFINITION 35 if a home equity installment loan has an apr that is more than 10 percentage points higher than the treasury securities or the consumer must pay fees and points are closing that are higher than 8 percentage of the total loan amoutnt then at least 3 business days before the laon is closing the lender must notify the consumer that he doesnot have to go through the loan and he could lose his house if he fails to make payments and loans that are less than 5 years may not contain ballon payments TERM 46 whether or not there was a mistake if the consumer requests is DEFINITION 46 the credit card company must supply evidence to support its position TERM 47 the credit card company cannot try to collect DEFINITION 47 the disputed debt or close or suspend the accoutn until it has responded to the consumer complaint TERM 48 the credit card company cannot report to credit agencies that the consumer has an unpaid bill unti after DEFINITION 48 10 days after teh response TERM 49 fair credit reporting act DEFINITION 49 ensures consumer credit reports are accurate TERM 50 FCRA regulates DEFINITION 50 consumer reporting agencies. Businesses that supply consumer reports to third parties. if an insurance agency or bank conducts its own investigation to determine whether a consumer is creditworthy the FCRA does not apply TERM 51 consumer report DEFINITION 51 any communication about a consumers creditworthiness, character, general reputation or lifestyle that is considered as a factor in establishing credit, obtaining insurance, securing a job, aquiring a goverment license, or for any other legitimate bsuiness need TERM 52 under the fcra DEFINITION 52 consumer report can be used only for legitimate business need and a consumer reporting agency must be careful not to supply reports that will be sued for any other purpose TERM 53 consumer reporting agency cant report obsolete information DEFINITION 53 ordinary credit info after 7 years old bankruptcies after 10 years. there is no time limit though if consumer is applying for 150,000 of credit or life insurance or for a jobe that pays more than 75 grand a year investigative reports are three months TERM 54 a consumer reporting agency cannot DEFINITION 54 report medical info without the customers permission TERM 55 employer cant request consumer report for any current or potential employee DEFINITION 55 ithout employees permission TERM 56 anyone who makes an adverse decision against a consumer because of a credit report must DEFINITION 56 reveal the name and adress of the reporting agency that supplie the information TERM 57 upon request from a consumer a reporting agency must DEFINITION 57 disclose allw information in hsi file the source of the info the name of anyone to whom a report has been sent int he prior year and the name of anyone who has requested a report in the prior year TERM 58 if a consumer tells an agency that some of the information in his file is incorrect DEFINITION 58 the agency must both investigate and forward data to the information provider TERM 59 Fair and accurate credit transaction act DEFINITION 59 goal of FACTA is to reduce identity theft. provides that consumers are entitled by law to one free credit card report every year from each of the three major reporting agencies. created the national fraud system which permits consumer who fear they may be the victim of identity theft to place an alet in their credit files TERM 60 three major credit report agencies DEFINITION 60 equifax, experian, and transunion