Private Organizations
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National Consumer Act (1970) is a 156-page comprehensive model law covering many aspects of consumer protection. The NCA’s consumer credit provisions limit interest rates, late and other charges, and provide prepayment rights. It more generally establishes requirements as to disclosures and writings in consumer transactions and limits credit terms and creditor rights, such as restrictions on balloon payments, assignment of earnings, confession of judgments, holder-in-due-course status, attorney fees, and security interests. It offers protections for credit card holders, prohibits deceptive practices and limits on warranty rights, sets out protections concerning credit insurance and other forms of insurance, limits creditor remedies and provides consumer rights concerning enforcement of security interests and various consumer remedies. Various debt collection practices are prohibited. Consumer protections are provided for credit reporting. A state agency regulates credit and other consumer transactions.
Many of the provisions of the NCA have served as the basis for consumer protection legislation throughout the nation. The NCA’s substantive credit provisions served as the starting point for what was eventually adopted in March 1972 as the Wisconsin Consumer Act.
