In my opinion, Consumer Protection Laws make life easier for consumers. They ensure that consumers are able to spend their money on items that are worth it, and that can be safely employed.
A positive effect of Consumer Protection Laws is that they protect the safety of the person buying a particular product. For example, car seats for babies and toddlers are extensively studied in order to ensure that they can be used without any risk.
An negative effect, however, is that this process can make it more difficult to create and release new products. For example, if an inventor designs a particular product, he will most likely face a large amount of bureaucratic processes before he is able to market or sell his product.