Fair Credit Billing Act

The video explains an amendment to the Truth in Lending Act, which offers consumer protection in credit relationships, primarily credit cards. It limits consumer liability for unauthorized charges to $50 and outlines procedures for disputing such charges. The Federal Trade Commission enforces these rules, requiring institutions to comply. Consumers must review account statements and report unauthorized charges within 60 days. If not, they may be liable for the full amount. Enforcement is through private action, allowing for damages and costs recovery. The amendment also protects consumers in transactions involving defective goods.

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