consumer

/ksnsfyjuwmsr/ One who consumes. Individuals who purchase, use, maintain, and dispose of products and services. Users of the final product. A member of that broad class of people who are affected by pricing policies, financing practices, quality of goods and services, credit reporting, debt collection, and other trade practices for which state and federal consumer protection laws are enacted. Consumers are to be distinguished from manufacturers (who produce goods), and wholesalers or retailers (who sell goods).

See also purchaser

A buyer (other than for purposes of resale) of any consumer product, any person to whom such product is transferred during the duration of an implied or written warranty (or service contract) applicable to the product, and any other person who is entitled by the terms of such warranty (or service contract) or under applicable State law to enforce against the warrantor (or service contractor) the obligations of the warranty (or service contract). 15 U.S.C.A. No. 2301

@ consumer advocate

One who is given to presenting the position of the consumer or to representing him in judicial, administrative, or legislative proceedings.

See also ombudsman

@ Consumer Credit Code

A uniform law, adopted by several states, with intent and purpose similar to that of the federal Consumer Credit Protection Act (q.v.)

@ Consumer Credit Protection Act

Federal and state acts (commonly referred to as Truth-in-Lending Acts) enacted to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit, by restricting the garnishment of wages, and by regulating the use of credit cards. 15 U.S.C.A. No. 1601 et seq. In addition to federal and state Truth-in-Lending Acts, several states also require by statute that consumer-loan agreements be written in plain, simplified language.

See also annual percentage rate

- Equal Credit Opportunity Act

- Fair Credit Billing Act

- Fair Credit Reporting Acts

- Fair Debt Collection Practices Act

- Truth-in-Lending Act

- Uniform Consumer Credit Code

@ consumer credit sale

Any sale with respect to which consumer credit is extended or arranged by the seller. The term includes any contract in the form of a bailment or lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the property and services involved and it is agreed that the bailee or lessee will become, or for no other or for a nominal consideration has the option to become, the owner of the property upon full compliance with his obligations under the contract

@ consumer credit transaction

Credit offered or extended to a natural person, in which the money, property or service which is the subject of the transaction is primarily for personal, family, household or agricultural purposes and for which either a finance charge is or may be imposed or which, pursuant to an agreement, is or may be payable in more than four installments. "Consumer loan" is one type of "consumer credit"

@ consumer debt

Debt incurred by an individual primarily for a personal, family, or household purpose. Bankruptcy Code No. 101

@ consumer lease

Lease of consumer goods; also may be applied to lease of dwelling as contrasted with commercial lease.

Article 2A of the U.C.C. is concerned with the formation, construction, effect, and enforcement of the consumer lease contracts, as well as the rights and remedies of both lessor and lessee on default.

As defined by U.C.C. No. 2A-103 is "a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee, except an organization, who takes under the lease primarily for a personal, family, or household purpose."

Disclosure of terms in certain types of consumer leases is governed by Federal Consumer Leasing Act (which is fully integrated into the Federal Truth-in-Lending Act). 15 U.S.C.A. No. 1667 et seq.

@ consumer price index

A price index computed and issued monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. The index attempts to track the price level of a group of goods and services purchased by the average consumer. Widely used to measure changes in cost of maintaining given standard of living.

See cost of living clause

Compare producer price index

@ consumer product

Any tangible personal property which is distributed in commerce and which is normally used for personal, family, or household purposes (including any such property intended to be attached to or installed in any real property without regard to whether it is so attached or installed). 15 U.S.C.A. No. 2301.

See also consumer goods

@ Consumer Product Safety Commission

An independent federal regulatory agency established by act of October 27, 1972 (86 Stat. 1207) to administer and implement the Consumer Product Safety Act. The Commission has primary responsibility for establishing mandatory product safety standards, where appropriate, to reduce the unreasonable risk of injury to consumers from consumer products. In addition it has authority to ban hazardous consumer products.

The Consumer Product Safety Act also authorizes the Commission to conduct extensive research on consumer product standards, engage in broad consumer and industry information and education programs, and establish a comprehensive Injury Information Clearinghouse

@ consumer protection laws

Federal and state statutes governing sales and credit practices involving consumer goods. 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.

For examples of such statutes, see

- Consumer Credit Protection Act;

- Consumer Product Safety Commission;

- deceptive sales practices;

- Equal Credit Opportunity Act;

- Fair Debt Collection Practices Act;

- Fair Credit Billing Act;

- Fair Credit Reporting Acts;

- Magnuson-Moss Warranty Act;

- Truth-in-Lending Act;

- Uniform Commercial Code;

- Uniform Consumer Credit Code.

At the federal level, the major regulatory law is the Federal Trade Commission Act. More than half the states have in turn enacted "mini-FTC" laws which, like the federal, prohibit "unfair or deceptive acts or practices."

@ consumer report

Document issued by private or governmental body relative to quality of certain products, their dangers and their attributes. Document issued as to certain companies and their practices.

See Fair Credit Reporting Acts

@ consumer reporting agency

An agency which acts for monetary fees, dues or on a cooperative nonprofit basis, which regularly engages in whole or in part in gathering or evaluating information on consumers in order to distribute such information to third parties engaged in commerce and which uses a facility of interstate commerce to prepare or distribute the reports. Porter v. Talbot Perkins Children's Services, D.C.N.Y., 355 F.Supp. 174, 176.

The activities of such agencies are regulated by federal and state laws.

See Fair Credit Reporting Acts

@ consumer's cooperative

Group which purchases consumer goods for resale to its members, thus reducing costs by eliminating the middleman's profit

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