Restrictive Trade Practices With Examples In North Carolina
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Restrictive trade practices (RTPs) A restrictive trade practice is generally one which has the effect of preventing, distorting or restricting competition. In particular, a practice which tends to obstruct the flow of capital or resources into the stream of production is an RTP.
Perhaps the best-known examples of state consumer protection statutes are California's Consumers Legal Remedies Act (“CLRA”) and New York's General Business Law. Powerful examples of state privacy legislation are the Illinois Biometric Information Privacy Act (“BIPA”), and the California Consumer Privacy Act (“CCPA”).
For example, in the construction industry, it is a trade practice to use certain specifications for the size, thickness, and quality of building materials. These specifications are commonly accepted and used by all businesses in the industry, ensuring consistency and quality in the final product.
North Carolina Consumer Protection Act (NCCPA): This legislative act prohibits unfair and deceptive trade practices, such as false advertising, fraudulent schemes, and deceptive business practices.
The cornerstone of consumer protection in North Carolina is the North Carolina Consumer Protection Act (NCCPA).
The North Carolina Lemon Law, also known as the New Motor Vehicles Warranties Act (N.C.G.S. 20-351), applies to new passenger cars, pick-up trucks, motorcycles and most vans bought in North Carolina.
False Advertising Legislation North Carolina's General Statutes Chapter 75 protects consumers from deceptive practices such as unfair competition (monopolies) and false or misleading advertising. Section 75.1-1 prohibits unfair methods of competition and unfair or deceptive practices affecting commerce.
Some examples of unfair or deceptive trade practices include: Claiming a product is something it is not or performs a task it does not, or substituting an inferior product for the product advertised. Systematically overcharging for a product or service. Failing in good faith to settle insurance claims.
