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Consumer Protections Act

Consumer Protections

The Consumer Protection Act is the broad set of laws that incorporate consumer protection in the United States. The Consumer Protection Act was designed to ensure fair trade competition and the exchange of truthful information in the consumer marketplace.

The laws associated with consumer protection are designed to prevent businesses and organization from engaging in fraudulent and unfair practices that specifically aim to gain an unfair advantage over competitors in the marketplace.

In essence, the Consumer Protection Act awarded power to the consumers from being taken advantage of by powerful businesses that employed unjust practices to gain a competitive edge and an increased profit margin. Consumer protection laws are a form of government regulation that aims to protect the interest of consumers.

A consumer is defined as any individual who acquires goods or services for ownership as opposed to resale. The Consumer Protection Act is a group of laws that awards consumers a fair delivery of accurate information and pricing for goods which they purchase.

NEXT: What You Need to Know Regarding Consumer Fraud

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