Telemarketing Fraud Prevention Act of 1988

Telemarketing Fraud Prevention Act of 1988 - Amends the Federal Trade Commission Act to authorize both citizen suits and civil actions on behalf of a State for relief against entities engaging in telemarketing fraud or dishonest acts or practices. Prescribes the general framework to govern such suits.

Directs the Federal Trade Commission (FTC) to promulgate rules to govern telemarketing activities. Describes required contents of such rules, including mandatory notice to telemarketing recipients concerning refunds for untimely delivery of the product or service. Provides for rescission of a sale within three days after a sales agreement. Requires that the rules include a rebuttable presumption that a telemarketing entity that does not keep adequate records illustrating compliance will be considered in violation. Declares that violators shall be considered to have engaged in an unfair or deceptive trade practice.

Prohibits telemarketing conduct whose natural consequence is to harass, oppress, or abuse, and considers violators to have engaged in an unfair or deceptive trade practice.

Directs the FTC to establish a clearinghouse for inquiries made to Federal agencies concerning telemarketing.