Telemarketing and Consumer Fraud and Abuse Prevention Act

Telemarketing and Consumer Fraud and Abuse Prevention Act - Directs the Federal Trade Commission (FTC) to prescribe rules governing telemarketing activities. Requires the FTC to consider the inclusion of provisions in such rules for: (1) refunds for untimely delivery of goods or services; (2) order cancellations; (3) time restrictions in connection with unsolicited sales calls; (4) the prohibition of telemarketing generated by computers on equipment that does not permit the person called to terminate the call; and (5) recordkeeping requirements. Directs the FTC to prescribe rules defining and prohibiting fraudulent telemarketing acts or practices. Declares that rule violators shall be considered to have engaged in an unfair or deceptive trade practice.

Excludes from the definition of "telemarketing" the solicitation of sales through the mailing of a catalog.

Authorizes both citizen suits (amount in controversy must exceed $50,000 in actual damages for each person adversely affected by such telemarketing and suit must be brought within three years after discovery of the violation) and civil actions on behalf of a State for relief against entities engaging in a pattern or practice of telemarketing which violates an FTC regulation. Prescribes the general framework to govern such suits.

Amends the Federal Trade Commission Act to: (1) authorize the court, where the interests of justice require, to summon and serve process upon any party, without regard to whether they reside or transact business in the district in which the suit is brought; (2) specify methods for service of process; (3) include within the definition of "physical evidence" subject to a civil investigative demand (CID) any medical device, food product, drug, nutritional or cosmetic product, or audio or video recording; and (4) revise requirements with respect to the issuance of CIDs when ordering a person to produce physical evidence or documentary material (currently, applies to the latter only) that may be relevant to unfair or deceptive practices.

Amends the Federal Trade Commission Act to prohibit the dissemination of false advertisements concerning services.

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

Amends the Right to Financial Privacy Act of 1978 to permit court-ordered disclosure of financial records without notice to the subject of the records if the court finds that dissipation, removal, or destruction of assets subject to seizure for violation of the law is likely.

Authorizes the FTC to bring criminal contempt actions for violations of orders obtained in cases brought under provisions of the FTC Act pertaining to the dissemination of false advertisements in or affecting commerce.

Makes this Act inapplicable to securities or futures transactions by individuals regulated by the Securities and Exchange Commission or the Commodity Futures Trading Commission.

Directs the FTC to conduct a study and report to the Congress on unfair or deceptive acts or practices in the life care home industry and on whether it intends to initiate a trade regulation rulemaking.

Terminates provisions of this Act with respect to telemarketing fraud and abuse rulemakings and enforcement five years after the date of enactment.