Legal Terminology and Law Definition of Consumer Protection

bad debt
the debt that can not be collected for different reasons. Generally, credit card debts used to purchase basic nesessities as well as hospital care debts considered "bad debts". Accounts receivable that will likely remain uncollectable and will be written off. Bad debts appear as an expense on the company's income statement, thus reducing net income. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
consumer protection laws
Consumer Protection laws are a form of government regulation which protects the interests of consumers and allows to hold companies that deceive or commit fraud against consumers accountable. Consumer law regulates private law relationships between individual consumers and the businesses that sell those goods and services. Consumer protection covers a wide … Full Definition »
Law topic: Consumer Disputes << Legal issue: Consumer Protection
Creditor
\ ˈkɒn.trækt \ "Creditor" means: (i) a party: (A) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and (B) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when … Full Definition »
Law topic: Credit Cards Fraud << Legal issue: Consumer Protection
election of remedies
The purpose of the doctrine of election of remedies is to prevent double recovery. Once a Plaintiff has chosen his remedy and made his claim he can not change his mind and seek recovery on a different legal theory. For example, if a Plaintiff’s car was stolen he can seek either a return of the car or receive monetary award equal to the entire value of the … Full Definition »
Law topic: Product Reclamation << Legal issue: Consumer Protection
Installment account
Car loans, student loans, and home loans are examples of installment accounts. With installment account you must make monthly payments of set amount by certain date. The amount remain unchanged from month to month until the loan is paid in full. All three credit agencies—Experian, Trans Union, and Equifax—will report information related to installment … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Judgments
a judgement, if recorded, becomes a matter of public record. If you have property or buy property, a title search will turn up items of public record. The judge can order that your assets be sold to pay the judgement. A recorded judgment gives the creditor or collection agency the legal right to try and recover payment for a period of up to 20 years. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Late Payments
If you are late with a payment, the 30-180 day delinquency can stay on your credit report for up to 7 years. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Legal Remedy
A legal remedy is the means by which a court of law enforces a right, imposes a penalty, or makes some other court order to impose its will. Other words, it is the way a Plaintiff may enforce his/her right and be compensated by a Defendant for an injury. Because an injured party is seeking for an adequate compensation for his/her loss, legal remedy means … Full Definition »
Law topic: Product Reclamation << Legal issue: Consumer Protection
penalty rate
This is a high rate that is imposed by a credit card issuer if you defaulted on your monthly payment. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Revolving account
These are accounts that require you to pay a minimum payment each month along with the finance charges/interest that has accumulated from one billing cycle to the next. With a revolving account the terms are open or there is no exact fixed date for you to pay off your account. The entire balance, assuming you don't pay it off in full, revolves from one … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
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Creditor
\ ˈkɒn.trækt \ "Creditor" means: (i) a party: (A) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and (B) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when … Full Definition »
Scott H HoustonAttorney at LawPRACTICE AREA: Professional Malpractice, Labor & Employment Law, Workers Compensation
Scott J CrosbyAttorney at LawPRACTICE AREA: Family Law, Tax Law, Bankruptcy Law, Insurance Litigation, Litigation, Workers Compensation
Laurel G BellowsAttorney at LawPRACTICE AREA: Family Law, Contracts, Business Law, Labor & Employment Law, Workers Compensation
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