consumer finance laws

Consumer finance laws are regulations designed to protect individuals when borrowing money or using financial products. They ensure transparency by requiring lenders to disclose clear terms, interest rates, and fees. These laws prevent unfair practices, like hidden charges or deceptive advertising. They also set rules for fair debt collection and protect consumers from fraud. Agencies like the Consumer Financial Protection Bureau (CFPB) oversee these laws to promote responsible lending and help consumers make informed financial decisions. Overall, they aim to create a fair and transparent financial marketplace for individuals.