What is a Consumer Protection Act?
A Consumer Protection Act is piece of legislation that is passed with regard to the provision and administration of protecting the rights of consumers within a country or nation. Within the spectrum of both commercial law and consumer law, there exist a variety of roles which are undertaken by participatory individuals and groups operating within the scope of the commercial marketplace.
Consumer Protection Acts and the Commercial Marketplace
Within the commercial marketplace, there exist 2 primary identifiers that are allocated to individuals and entities participatory in commercial exchange; within the scope of this activity, the roles, legislation, statutes, and requirements differ with regard to both – these roles are identified as consumers and suppliers. The notion of a Consumer Protection Act differs both in the country in which it is passed, in addition to the individual or entity for which it provides protection and regulation:
Consumers are identified as individuals or entities who willingly participate within the commercial marketplace upon engaging in purchase and financial transaction with regard to products and services available for commercial purchase. On an international level, the passing of a respective Consumer Protection Act serves as a regulatory measure enacted in order to protect the rights of consumers.
Suppliers – or vendors – are named as the individuals or entities within the commercial marketplace that provide products or services made available for consumer purchase. Although there exist a wide variety of statutory legislation with regard to acceptable practices with regard to suppliers, requirements including the provision of fair pricing, the illegality of commercial monopolization, and the abstinence from fraudulent advertising and product description are typical.
Consumer Protection Acts Around the Globe
The following Consumer Protection Acts have been passed and are currently enacted within various international locales:
In the United Kingdom, the Consumer Protection Act (1987) was passed in order to protect consumers from predatory or fraudulent commercial activity undertaken by suppliers or vendors; this Consumer Protection Act typifies and authorizes fair and ethical practices required by suppliers with regard to fair advertising, product liability, and ethical pricing structures – violations of this Consumer Protection Act may be regarded as either as a tort or criminal activity
In the United States, the Federal Trade Commission (FTC) is the governmental branch responsible for the administration and regulation of commercial affairs and the protection of consumer rights; the Federal Trade Commission has been responsible for the administration of Consumer Protection Acts including the Magnuson-Moss Warranty Act – this act clearly delineates the expectations, requirements, and legal responsibilities of suppliers
In India, the judicial system includes a legal venue called the Consumer Court; this court was implemented in order to solely hear, review, and try cases in which there exist disputes involving the violation of consumer rights