Consumer Protection Terms and Definitions

SLAMMING
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.

Medwatch program
You can also report your suspicions about drugs and medications directly to the FDA by calling the Medwatch program at 1-800-332-1088.

Lemon Law Protection
Lemon Law applies to any new vehicle purchased and registered laws are by state

Small Claims Court
Small claims courts resolve disputes involving claims for small amounts of money. While the maximum amounts that can be claimed or awarded differ from state to state, court procedures generally are simple, inexpensive, quick and informal.

Loan Scams
Before you sign on the dotted line, get all of the loan terms in writing, including the payment schedule and interest rate. If the lender isn't familiar to you, contact your state banking department and ask how to confirm that it's licensed and operating properly.

Bogus Invoices
Con artists send bogus invoices for what appear to be phone directory listings or for office supplies that were never ordered or delivered, hoping that no one will check before paying them.

Balloon Payment
A large extra payment that may be charged at the end of a loan or lease.

Health Consumer Bill of Rights
Was developed by the federal government. This has been used as a foundation for many health plans, including the federal government sponsored health plans. Health care consumer's rights; Rights of the health care consumer

Annual Percentage Rate (APR)
The cost of credit expressed as a yearly rate.

Residual Value
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.