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The two consumer protection acts are the Federal Food, Drug, and Cosmetic Act and Truth in Lending Act. The benefits of the acts are discussed as below.
What is Consumer protection?
Consumer protection refers to the protection of the buyers from the low quality commodity and products that are hazardous to life. It also includes to safeguard the customers from the unfair practices.
The Federal Food, Drug, and Cosmetic Act states that the legislation oversees the degree of quality for this food, pharmaceuticals, medical equipment, and cosmetic items manufactured and purchased by American customers.
The truth in Lending Act is a federal statute that permits borrowers to make certain claims about consumer credit conditions and rates. Its standards govern open-end lines of credit, shuttered personal loans, retail lending, and private financing to universities.
Therefore, it can be included that Federal Food, Drug, and Cosmetic Act and Truth in Lending Act are the laws meant to protect the customers.
Learn more about consumer protection here:
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