Legal Dictionary: Consumer Law

DEFINITION

• Consumer Law consists of regulations and statutes that seek to create a more equitable balance for a buyer in the marketplace.

• The protection of consumers dates back as far back as the 17th century, when the term "caveat emptor" ("Let the buyer beware") was coined.

• A consumer is any individual who purchases products and/or services. Consumers are distinguished from manufacturers (who produce goods) and wholesalers or retailers (who sell goods).

• Consumer protection law is designed to protect consumers against unfair trade and credit practices involving faulty or dangerous goods. It consists of federal and state statutes governing sales and credit practices. Such statutes prohibit and regulate deceptive or unconscionable advertising and sales practices, product quality, credit financing and reporting, debt collection, leases and other aspects of consumer transactions. Some examples of such statutes are Equal Credit Opportunity Act; Magnuson-Moss Warranty Act and the Truth-in-Lending Act.

FIND A CONSUMER PROTECTION LAWYER IN YOUR AREA.

Learn more about CONSUMER ISSUES.

RELATED PRACTICE AREAS

Business & Commercial Law
Banking & Finance Law
Real Estate Law

BUZZWORDS

• Consumer Goods
• Consumer Product Safety Commission
• Consumer Protection
• Equal Credit Opportunity Act
• Garnishment
• Magnuson- Moss Warranty Act

For more Consumer Law definitions, visit the Consumer Law Glossary in the FindLaw Legal Dictionary.

PRACTICE AREA NOTES

• Consumer Law covers many issues relating to the protection of the consumer and the regulation of businesses like stores, banks and credit companies.
• Consumer Law issues may involve civil complaints (civil liability for violation of the Truth-in-Lending Act may incur damages and/or attorney fees) or criminal actions (criminal liability for fraud may incur fines, imprisonment or both).