Page 17 - Book8E

CHAPTER 2
Important Laws and Regulations Designed to
Protect Consumers
While it is human nature to expect honesty and integrity of ourselves and the people we meet and do business with, unfortunately there are those who are bent on scamming and cheating others through fraudu- lent schemes and unfair business practices. In recent decades a number of U.S. consumer protection laws and regulations have been enacted to help shield consumers from such practices. It’s important to familiar- ize yourself with the following laws and regulations so you know your consumer rights and can respond appropriately when confronted with dishonest or unfair practices.
The Cooling-Off Rule: When and How to Cancel a Sale
As explained by the Federal Trade Commission (FTC), if you buy something at a store and later change your mind, you may not be able to return the merchandise. But if you buy an item in your home or at a location that is not the seller’s permanent place of business, you may have the option. The FTC’s Cooling-Off Rule gives you three days to cancel purchases of $25 or more. Under the Cooling-Off Rule, your right to cancel for a full refund extends until midnight of the third business day after the sale.
The Cooling-Off Rule applies to sales at the buyer’s home, workplace or dormitory, or at facilities rented by the seller on a temporary or short-term basis, such as hotel or motel rooms, convention centers, fairgrounds, and restaurants. The Cooling-Off Rule applies even when you invite the salesperson to make a presentation in your home.
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