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This limits the ability for businesses to make use of telemarketing as an advertising technique. While most people feel that telemarketers are an annoyance, above all else, telemarketers have also been accused of deceptive practices. This act will make it easier to regulate businesses that use telemarketers. Already, in November 2007, "the FTC announced six settlements and a federal court action against companies that violated the Do Not Call provisions of the Telemarketing Sales Rule, resulting in millions of dollars in civil penalties for rule violations" (FTC Chairman and Commissioners Testify Before Senate Committee on Commerce, Science, and Transportation on proposed 'Federal Trade Commission Reauthorization Act of 2008'," FTC: Office of Public Affairs, 2008).
Overall, the most potentially significant aspect of the act is its provisions regarding subprime mortgages. The dream of American home ownership for a long time has been taken as a given. However, legislators are beginning to question whether it is always suitable for all individuals to aspire to own a home, at least until they have the income and job stability to maintain their desired home. By enforcing greater transparency on the part of lenders, the act hopes to be doing the types of families who are currently in foreclosure a kind of retroactive favor, by ensuring future homebuyers know what they are getting into when signing a mortgage, so they are not allowed to mortgage their future away because of ignorance of how their payments are...
The greater transparency mandated by the act also requires the industry to make mortgages less confusing and attempts to ensure that legal language is not used as a method of concealing what really lies between the lines of contracts. The FTC will also be able to exercise greater vigilance against mortgage foreclosure rescue scams and lenders who fail to provide consumers with annual percentage rate information, as already required by law (Worton & Yoon 2008; FTC Chairman and Commissioners Testify Before Senate Committee on Commerce, Science, and Transportation on proposed 'Federal Trade Commission Reauthorization Act of 2008'," FTC: Office of Public Affairs, 2008).
Works Cited
Blumenthal, Rob & Jenilee Keeft. "Inouye and Dorgan Introduce Bill to Reauthorize Federal Trade Commission." 8 Apr 2008. 10 Jun 2008. http://commerce.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=4585a51b-530e-4d5a-8c95-a627b52d1573&Month=4&Year=2008
FTC Chairman and Commissioners Testify Before Senate Committee on Commerce,
Science, and Transportation on proposed 'Federal Trade Commission Reauthorization Act of 2008'" FTC: Office of Public Affairs. 8 Apr 2008. 10 Jun 2008. http://www.ftc.gov/opa/2008/04/reauth.shtm
Worton, Amy E. & Tacie Yoon. "Here Comes the Supercharged FTC Act." Privacy in Focus.
Wiley Rein LLP. May 2008. 10 Jun 2008. http://www.wileyrein.com/publication.cfm?publication_id=13581
Works Cited
Blumenthal, Rob & Jenilee Keeft. "Inouye and Dorgan Introduce Bill to Reauthorize Federal Trade Commission." 8 Apr 2008. 10 Jun 2008. http://commerce.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=4585a51b-530e-4d5a-8c95-a627b52d1573&Month=4&Year=2008
FTC Chairman and Commissioners Testify Before Senate Committee on Commerce,
Science, and Transportation on proposed 'Federal Trade Commission Reauthorization Act of 2008'" FTC: Office of Public Affairs. 8 Apr 2008. 10 Jun 2008. http://www.ftc.gov/opa/2008/04/reauth.shtm
Worton, Amy E. & Tacie Yoon. "Here Comes the Supercharged FTC Act." Privacy in Focus.
Wiley Rein LLP. May 2008. 10 Jun 2008. http://www.wileyrein.com/publication.cfm?publication_id=13581
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