Consumer Credit Protection Act
By Evan Ott and Lauren Zaddack
How it was started
In 1968 there were few similar acts such as the Federal wage garnishment law
In 1972 the Law was finally set in stone
Recommendations were made that something needed to be done to help stop identity theft
People wanted full authorization to credit charges and authorizations
Federal or state law?
While this act is a federal law there had been few state laws that were instated before it
Not to the same extent of the Consumer Credit protection act
This was the first Federal law regarding stolen credit
What it Does it Do?
-Requires most businesses that lend money to consumers or offer goods on services or engage in certain ancillary credit activities to be licensed by the OFT.
Laws and Regulations
The Consumer credit Protection Act protect employees from discharge by their employers because their wages have been garnished for any one debt, and limits the amount of an employee's earnings that may be garnished in any one week.
Fact
The Consumer credit Protection act provides general information concerning the amount that may be withheld from a person's earnings under the CCPA and an employees' protection from termination because of garnishment for any single debt.
What is the consumer credit protection act?