Is There a Time Limit to File a Consumer Fraud Claim?
Consumer fraud is any type of deception that causes a consumer to lose money or property. Impacting millions of Americans each year, scammers target consumers through deceitful practices, often banking on an individual’s vulnerability. If you have been the victim of consumer fraud, seeking civil remedies will allow you to recover your losses.
However, you must act quickly since the statute of limitations is generally three years in South Carolina. In this blog, our Greenville, SC, victims’ rights lawyers discuss what you should do as the victim of identity theft and how obtaining legal counsel can help protect your assets.
Who Investigates Consumer Fraud?
Whether it be the fraudulent writing of checks, using a person’s credit card, or impersonating a debt collector, consumer fraud is at an all-time high. Since consumer fraud describes a broad range of criminal activity, the specific penalties will depend on which unlawful act was committed. In South Carolina, an individual who fraudulently uses another person’s credit card may be fined $5,000 and sentenced to a maximum of one year in jail.
While criminal penalties are imposed, a civil investigation will also be conducted. In South Carolina, the Department of Consumer Affairs investigates deceptive or unfair business practices. Many times, consumer fraud triggers a federal investigation. This may occur if the fraud targets individuals or businesses in different states. Large-scale fraud schemes are often investigated by the Consumer Financial Protection Bureau (CFPB), overseen by the Federal Trade Commission (FTC). The CFPB investigates individuals and companies that have been accused of deceptive or unfair business practices, working closely with law enforcement. Additionally, the Federal Bureau of Investigation (FBI) and Securities and Exchange Commission (SEC) also play important roles in consumer fraud investigations.
South Carolina Consumer Fraud Statute of Limitations
The law stipulates certain time frames in which legal proceedings must begin following an incident (known as a statute of limitations). This applies to both criminal and civil cases, often specified by statute. Whereas South Carolina does not specify a limitation period for criminal offenses, most civil lawsuits must be filed within a certain amount of time. If you have been the victim of consumer fraud, under SC Code §15-3-530, you only have three years to file a claim. If you wait past that time, you risk being barred from compensation.
Legal Guidance During a Time of Confusion
If you have been the target of consumer fraud, you may be unsure of what actions need to be taken to protect your interests. While criminal penalties may be imposed, it is important that you seek civil damages for the losses you have sustained. If you have been the victim of consumer fraud, it is important that you report the occurrence to the proper authorities. By reporting inequities, you help prevent other individuals from suffering similar financial harm.
Do Not Hesitate to Contact Our Greenville, SC, Victims’ Rights Attorneys Today
The financial and emotional impact of consumer fraud can leave individuals feeling unsure about the security of their assets. If you or a family member have been affected by consumer fraud, our legal team is ready to assist you in filing a complaint. At Ryan Beasley Law, we are here to address your concerns and help you formulate a plan moving ahead.
Our Greenville, SC, victims’ rights attorneys will not only assist you in recouping stolen funds or property, but we will also help you implement safe practices to avoid any recurrence of fraud in the future. To arrange your consultation to discuss your matter, our office can be reached online or by calling (864) 756-4204.